Y Intercept Hong Kong Ltd Increases Stake in Allegiant Travel by 762.7%

Y Intercept Hong Kong Ltd significantly increased its holdings in Allegiant Travel Company (NASDAQ:ALGT) by an impressive 762.7% during the second quarter of 2023. This was detailed in the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC). Following this acquisition, the fund now owns 35,577 shares of Allegiant Travel, which were valued at approximately $1,955,000 at the end of the reporting period.

Multiple institutional investors have also adjusted their positions in Allegiant Travel recently. For instance, Donald Smith & Co. Inc. raised its stake by 32.6% in the first quarter, acquiring an additional 331,998 shares to reach a total of 1,350,447 shares valued at $69,751,000. Federated Hermes Inc. entered the market with a new stake worth $9,864,000, while MetLife Investment Management LLC boosted its position by an extraordinary 1,621.0%, acquiring 150,412 shares to own 159,691 shares valued at $8,248,000.

Jacobs Levy Equity Management Inc. also increased its stake by 40.8%, now holding 389,832 shares worth $20,135,000, while Cubist Systematic Strategies LLC made headlines with a staggering 2,953.5% increase, bringing its total holdings to 108,433 shares valued at $5,601,000. In total, hedge funds and institutional investors control around 85.81% of Allegiant Travel’s shares.

Stock Performance and Analyst Insights

On the trading floor, Allegiant Travel’s stock opened at $62.18 on Friday, reflecting a 1.8% increase. The company’s stock has seen a 50-day moving average price of $62.85 and a 200-day moving average price of $56.36. Allegiant Travel has a market capitalization of $1.14 billion and a debt-to-equity ratio of 1.68. Its stock has fluctuated within a 52-week range of $39.80 to $107.57.

Recent analyst reports have provided a mixed bag of ratings for Allegiant Travel. On July 7, 2023, Morgan Stanley lowered its price target from $85.00 to $83.00, maintaining an “equal weight” rating. Conversely, Barclays upgraded its target price from $52.00 to $60.00, also assigning an “equal weight” rating. Meanwhile, UBS Group increased its target price from $52.00 to $65.00, giving the stock a “neutral” rating.

According to Zacks Research, Allegiant Travel has undergone a rating upgrade from “strong sell” to “hold.” Currently, the stock has garnered one “strong buy,” one “buy,” eight “hold,” and two “sell” ratings, culminating in an average rating of “hold” with a target price of $70.56, based on data from MarketBeat.com.

About Allegiant Travel Company

Allegiant Travel Company specializes in leisure travel, providing services to residents in under-served cities across the United States. The company operates scheduled air transportation with limited-frequency, nonstop flights connecting these cities to popular leisure destinations. As of February 1, 2024, Allegiant Travel maintains a fleet of 126 Airbus A320 series aircraft.

For those interested in tracking further developments, HoldingsChannel.com offers insights into hedge fund positions and the latest 13F filings related to Allegiant Travel Company (NASDAQ:ALGT).