Cornerstone Investment Partners LLC Acquires New Position in Allegiant Travel (NASDAQ:ALGT)

Cornerstone Investment Partners LLC acquired a new stake in Allegiant Travel (NASDAQ:ALGT) in the fourth quarter, Holdings Channel.com reports. The fund acquired 2,700 shares of the transportation company’s stock, valued at approximately $254,000.

A number of other hedge funds have also recently modified their holdings of ALGT. Crews Bank & Trust purchased a new stake in shares of Allegiant Travel in the fourth quarter valued at about $25,000. Nisa Investment Advisors LLC grew its holdings in shares of Allegiant Travel by 136.9% in the third quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock valued at $29,000 after purchasing an additional 304 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Allegiant Travel by 94.5% in the fourth quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company’s stock valued at $43,000 after purchasing an additional 223 shares during the period. GAMMA Investing LLC grew its holdings in shares of Allegiant Travel by 53.5% in the fourth quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock valued at $64,000 after purchasing an additional 236 shares during the period. Finally, Mutual of America Capital Management LLC purchased a new stake in shares of Allegiant Travel in the fourth quarter valued at about $207,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ALGT shares. Susquehanna upped their price objective on shares of Allegiant Travel from $60.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. UBS Group began coverage on shares of Allegiant Travel in a research note on Tuesday, November 26th. They set a “neutral” rating and a $16.00 target price for the company. Raymond James increased their target price on shares of Allegiant Travel from $75.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, December 30th. The Goldman Sachs Group increased their target price on shares of Allegiant Travel from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Finally, TD Cowen increased their target price on shares of Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Allegiant Travel has a consensus rating of “Hold” and an average price target of $80.10.

Allegiant Travel Trading Down 5.5 %

NASDAQ ALGT opened at $69.48 on Tuesday. The firm has a 50 day simple moving average of $92.51 and a 200-day simple moving average of $72.52. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -5.20 and a beta of 1.63. Allegiant Travel has a one year low of $36.09 and a one year high of $107.57. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75.

Allegiant Travel (NASDAQ:ALGT) last issued its earnings results on Tuesday, February 4th. The transportation company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $0.48 by $1.62. Allegiant Travel had a negative net margin of 9.56% and a positive return on equity of 3.33%. Equities research analysts anticipate that Allegiant Travel will post 7.7 EPS for the current fiscal year.

About Allegiant Travel

Allegiant Travel Company, a leisure travel company, provides travel services and products to residents of under-served cities in the United States. The company offers scheduled air transportation on limited-frequency, nonstop flights between under-served cities and leisure destinations. As of February 1, 2024, it operated a fleet of 126 Airbus A320 series aircraft.