Allegiant Travel (NASDAQ:ALGT) Sees Significant Growth in Short Interest

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Allegiant Travel (NASDAQ:ALGT) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 943,200 shares, an increase of 21.6% from the June 30th total of 775,700 shares. Approximately 7.4% of the shares of the company are sold short. Based on an average trading volume of 149,700 shares, the days-to-cover ratio is currently 6.3 days.

In other news, CEO Maurice J. Gallagher, Jr. sold 10,778 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $148.17, for a total transaction of $1,596,976.26. Following the transaction, the chief executive officer now directly owns 2,910,176 shares of the company’s stock, valued at $431,200,777.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gary Ellmer sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $145.10, for a total transaction of $145,100.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at $290,200. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,000 shares of company stock worth $11,713,663. Insiders own 20.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc increased its stake in Allegiant Travel by 2.5% during the fourth quarter. Legal & General Group Plc now owns 28,800 shares of the transportation company’s stock worth $2,888,000 after acquiring an additional 697 shares during the last quarter. Amalgamated Bank acquired a new stake in Allegiant Travel during the fourth quarter worth about $206,000. Norges Bank acquired a new stake in Allegiant Travel during the fourth quarter worth about $6,493,000. Geode Capital Management LLC increased its stake in Allegiant Travel by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 146,504 shares of the transportation company’s stock worth $14,682,000 after acquiring an additional 9,932 shares during the last quarter. Finally, Huntington National Bank increased its stake in Allegiant Travel by 19,900.0% during the first quarter. Huntington National Bank now owns 200 shares of the transportation company’s stock worth $26,000 after acquiring an additional 199 shares during the last quarter. Institutional investors and hedge funds own 79.32% of the company’s stock.

Shares of ALGT opened at $142.00 on Thursday. Allegiant Travel has a 12 month low of $98.18 and a 12 month high of $157.50. The stock’s 50 day simple moving average is $146.37. The company has a market capitalization of $2.35 billion, a PE ratio of 12.20 and a beta of 0.89. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.29 and a quick ratio of 1.24.

Allegiant Travel (NASDAQ:ALGT) last announced its earnings results on Wednesday, July 24th. The transportation company reported $4.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.67 by ($0.34). The business had revenue of $491.80 million for the quarter, compared to the consensus estimate of $504.81 million. Allegiant Travel had a return on equity of 26.59% and a net margin of 10.54%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.10 earnings per share. As a group, sell-side analysts forecast that Allegiant Travel will post 13.68 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 20th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.80 annualized dividend and a dividend yield of 1.97%. Allegiant Travel’s dividend payout ratio is 28.00%.

Several brokerages have recently commented on ALGT. Citigroup raised their target price on shares of Allegiant Travel from $180.00 to $182.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Imperial Capital reaffirmed an “outperform” rating and set a $180.00 target price (up from $162.00) on shares of Allegiant Travel in a report on Friday, April 26th. Morgan Stanley raised their target price on shares of Allegiant Travel from $132.00 to $150.00 and gave the stock an “equal weight” rating in a report on Wednesday. ValuEngine cut shares of Allegiant Travel from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, Sidoti raised their target price on shares of Allegiant Travel from $178.00 to $180.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $164.00.

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 15, 2019, it operated a fleet of 79 Airbus A320 series aircraft.

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