Drive Wealth Management LLC Acquires Shares of 8,555 Allegiant Travel (NASDAQ:ALGT)

Drive Wealth Management LLC purchased a new stake in Allegiant Travel (NASDAQ:ALGT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,555 shares of the transportation company’s stock, valued at approximately $471,000.

A number of other institutional investors have also made changes to their positions in the stock. Empowered Funds LLC boosted its holdings in Allegiant Travel by 5.2% during the third quarter. Empowered Funds LLC now owns 80,695 shares of the transportation company’s stock worth $4,443,000 after buying an additional 4,020 shares during the last quarter. Privium Fund Management UK Ltd boosted its stake in Allegiant Travel by 3.5% during the 3rd quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company’s stock worth $581,000 after acquiring an additional 358 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Allegiant Travel by 34.3% during the third quarter. Harbor Capital Advisors Inc. now owns 10,198 shares of the transportation company’s stock valued at $562,000 after purchasing an additional 2,607 shares during the period. Donald Smith & CO. Inc. grew its holdings in Allegiant Travel by 20.2% during the third quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company’s stock valued at $54,701,000 after purchasing an additional 167,148 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in 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 in the last quarter. 85.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ALGT has been the topic of a number of recent analyst reports. The Goldman Sachs Group reissued a “neutral” rating and set a $83.00 price target on shares of Allegiant Travel in a research report on Friday. Evercore ISI lifted their target price on Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a report on Thursday, October 3rd. Barclays increased their price target on Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday. Susquehanna lifted their price objective on Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Finally, TD Cowen increased their target price on Allegiant Travel from $42.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Allegiant Travel presently has an average rating of “Hold” and an average price target of $70.11.

Allegiant Travel Trading Up 2.1 %

NASDAQ ALGT opened at $77.69 on Monday. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $85.91. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The stock’s 50 day moving average price is $57.95 and its two-hundred day moving average price is $51.82. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -51.79, a PEG ratio of 6.17 and a beta of 1.61.

Insider Activity

In other news, Director Gary Ellmer sold 1,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $45.00, for a total value of $45,000.00. Following the completion of the transaction, the director now owns 7,490 shares in the company, valued at $337,050. This trade represents a 11.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Keny Frank Wilper sold 635 shares of Allegiant Travel stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the completion of the sale, the chief operating officer now directly owns 16,353 shares in the company, valued at approximately $1,025,169.57. This represents a 3.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,931 shares of company stock worth $101,372 over the last ninety days. Insiders own 15.80% of the company’s stock.

Allegiant Travel Company Profile

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.