Verition Fund Management LLC Sells 41,448 Shares of Allegiant Travel (NASDAQ:ALGT)

Verition Fund Management LLC cut its stake in Allegiant Travel (NASDAQ:ALGT) by 52.9% in the third quarter, HoldingsChannel reports. The fund owned 36,937 shares of the transportation company’s stock after selling 41,448 shares during the period. Verition Fund Management LLC’s holdings in Allegiant Travel were worth $2,034,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC bought a new position in Allegiant Travel during the third quarter worth about $63,540,000. Clearbridge Investments LLC acquired a new position in shares of Allegiant Travel during the 2nd quarter worth about $8,959,000. XTX Topco Ltd bought a new position in shares of Allegiant Travel in the second quarter valued at about $764,000. Assenagon Asset Management S.A. bought a new position in shares of Allegiant Travel during the second quarter worth approximately $285,000. Finally, AQR Capital Management LLC acquired a new stake in Allegiant Travel in the 2nd quarter worth about $450,000. Institutional investors and hedge funds own 85.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Susquehanna boosted their target price on shares of Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. UBS Group initiated coverage on Allegiant Travel in a report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 target price on the stock. Evercore ISI raised their price objective on shares of Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research report on Thursday, October 3rd. Barclays upped their price objective on shares of Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. Finally, Wolfe Research downgraded shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. Nine investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Allegiant Travel has an average rating of “Hold” and an average target price of $65.44.

Allegiant Travel Price Performance

Shares of NASDAQ ALGT opened at $81.12 on Friday. The stock’s 50-day simple moving average is $67.15 and its two-hundred day simple moving average is $54.00. Allegiant Travel has a twelve month low of $36.08 and a twelve month high of $86.94. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $1.49 billion, a P/E ratio of -54.08, a P/E/G ratio of 6.54 and a beta of 1.67.

Insider Buying and Selling

In related news, COO Keny Frank Wilper sold 635 shares of the 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 transaction, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at $1,025,169.57. This represents a 3.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $84.46, for a total value of $2,391,822.74. Following the completion of the sale, the chairman now directly owns 2,147,730 shares in the company, valued at approximately $181,397,275.80. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,600 shares of company stock worth $2,476,465 in the last 90 days. 15.80% of the stock is owned by company insiders.

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.