Allegiant Travel (NASDAQ:ALGT) Short Interest Down 22.9% in June

Allegiant Travel (NASDAQ:ALGT) was the recipient of a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 1,310,000 shares, a drop of 22.9% from the May 31st total of 1,700,000 shares. Based on an average daily volume of 360,500 shares, the days-to-cover ratio is currently 3.6 days. Approximately 8.7% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ALGT shares. UBS Group started coverage on shares of Allegiant Travel in a research report on Wednesday, March 20th. They set a “sell” rating and a $58.00 price target on the stock. TD Cowen reduced their target price on shares of Allegiant Travel from $65.00 to $60.00 and set a “hold” rating on the stock in a report on Wednesday, May 15th. Barclays dropped their price target on shares of Allegiant Travel from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, May 9th. Finally, Susquehanna reduced their price objective on Allegiant Travel from $76.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Allegiant Travel has an average rating of “Hold” and an average target price of $77.57.

Allegiant Travel Price Performance

Shares of ALGT opened at $50.23 on Monday. The firm has a market capitalization of $915.69 million, a price-to-earnings ratio of 15.90, a PEG ratio of 1.34 and a beta of 1.65. The firm’s fifty day simple moving average is $53.38 and its 200-day simple moving average is $67.37. Allegiant Travel has a twelve month low of $46.90 and a twelve month high of $130.93. The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt-to-equity ratio of 1.35.

Allegiant Travel (NASDAQ:ALGT) last posted its earnings results on Tuesday, May 7th. The transportation company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.51 by $0.06. The firm had revenue of $656.70 million for the quarter, compared to analyst estimates of $645.23 million. Allegiant Travel had a return on equity of 0.50% and a net margin of 2.26%. Allegiant Travel’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.04 earnings per share. Equities analysts forecast that Allegiant Travel will post 3.62 EPS for the current fiscal year.

Allegiant Travel Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 4.78%. The ex-dividend date was Tuesday, May 14th. Allegiant Travel’s payout ratio is 75.95%.

Insider Buying and Selling

In other Allegiant Travel news, EVP Robert Paul Wilson III sold 750 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $53.00, for a total value of $39,750.00. Following the transaction, the executive vice president now owns 74,948 shares of the company’s stock, valued at $3,972,244. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CMO Scott Wayne Deangelo sold 19,687 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $53.68, for a total transaction of $1,056,798.16. Following the completion of the transaction, the chief marketing officer now directly owns 64,812 shares in the company, valued at $3,479,108.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert Paul Wilson III sold 750 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $53.00, for a total value of $39,750.00. Following the completion of the sale, the executive vice president now owns 74,948 shares in the company, valued at approximately $3,972,244. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,037 shares of company stock valued at $1,395,948. 17.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegiant Travel

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new stake in shares of Allegiant Travel during the 4th quarter worth approximately $141,350,000. Donald Smith & CO. Inc. lifted its position in Allegiant Travel by 106.7% in the first quarter. Donald Smith & CO. Inc. now owns 309,781 shares of the transportation company’s stock valued at $23,299,000 after acquiring an additional 159,892 shares during the last quarter. U S Global Investors Inc. boosted its stake in Allegiant Travel by 23.4% in the fourth quarter. U S Global Investors Inc. now owns 647,055 shares of the transportation company’s stock valued at $53,453,000 after acquiring an additional 122,844 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in shares of Allegiant Travel during the third quarter worth about $8,248,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Allegiant Travel by 14.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 798,573 shares of the transportation company’s stock worth $65,972,000 after purchasing an additional 98,662 shares in the last quarter. 85.81% of the stock is owned by institutional investors and hedge funds.

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.