Allegiant Travel Company $ALGT Position Boosted by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its holdings in Allegiant Travel Company (NASDAQ:ALGT) by 40.9% during the 1st quarter, Holdings Channel reports. The fund owned 91,000 shares of the transportation company’s stock after acquiring an additional 26,400 shares during the quarter. Renaissance Technologies LLC’s holdings in Allegiant Travel were worth $7,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Sei Investments Co. grew its stake in shares of Allegiant Travel by 9.2% in the first quarter. Sei Investments Co. now owns 12,852 shares of the transportation company’s stock worth $1,041,000 after purchasing an additional 1,078 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Allegiant Travel by 339.6% during the first quarter. Parallel Advisors LLC now owns 488 shares of the transportation company’s stock valued at $40,000 after purchasing an additional 377 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of Allegiant Travel by 27.1% during the first quarter. Illinois Municipal Retirement Fund now owns 8,584 shares of the transportation company’s stock valued at $696,000 after purchasing an additional 1,830 shares in the last quarter. Advisors Preferred LLC lifted its holdings in Allegiant Travel by 61.0% in the first quarter. Advisors Preferred LLC now owns 10,783 shares of the transportation company’s stock worth $874,000 after purchasing an additional 4,084 shares during the period. Finally, Principal Financial Group Inc. grew its position in Allegiant Travel by 151.1% in the 1st quarter. Principal Financial Group Inc. now owns 161,227 shares of the transportation company’s stock valued at $13,066,000 after buying an additional 97,010 shares in the last quarter. Institutional investors own 85.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ALGT shares. Susquehanna raised their target price on shares of Allegiant Travel from $85.00 to $132.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Melius Research raised shares of Allegiant Travel from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a research note on Tuesday, July 7th. Morgan Stanley increased their price objective on shares of Allegiant Travel from $100.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. UBS Group upgraded shares of Allegiant Travel from a “hold” rating to a “buy” rating in a research note on Wednesday, July 8th. Finally, Citigroup raised Allegiant Travel from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $98.00 to $156.00 in a report on Friday, June 26th. Ten analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $128.08.

Allegiant Travel Price Performance

NASDAQ:ALGT opened at $103.48 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 1.52. The business’s 50-day moving average price is $100.18 and its 200 day moving average price is $92.22. Allegiant Travel Company has a 52-week low of $42.56 and a 52-week high of $123.63. The firm has a market cap of $1.91 billion, a P/E ratio of -51.74, a PEG ratio of 0.25 and a beta of 1.53.

Allegiant Travel Profile

Allegiant Travel Company is a holding company that operates Allegiant Air, a low‐cost leisure airline offering scheduled and charter air service. The company focuses on connecting underserved secondary markets with popular vacation destinations across the United States. By targeting price‐sensitive leisure travelers, Allegiant Air operates a point‐to‐point network that avoids the traditional hub‐and‐spoke model, providing non‐stop flights from smaller cities to resort and entertainment hubs.

In addition to its core flight operations, Allegiant Travel Company offers packaged travel services that include hotel accommodations, rental cars and attraction tickets through its online portal.