Allegiant Travel Company (ALGT) continues to experience an unfavorable pricing environment



Investment management firm Diamond Hill Capital has released its “Small Cap Fund” Q3 2023 Investor Letter. You can download a copy of the same here. U.S. stocks fell 3% in the third quarter of 2023, bringing the year-to-date gain as measured by the Russell 3000 index to about 12%. The portfolio lagged the Russell 2000 Index in the third quarter, returning -5.62%, with a year-to-date return of 6.70%. Relative weakness in consumer discretionary stocks, industrial products, and technology stocks impacted results in the quarter. Additionally, you can check out the fund’s top five holdings to learn about the best stocks for 2023.

Diamond Hill Small Cap Fund highlighted stocks like Allegiant Travel Company (NASDAQ:ALGT) in its Q3 2023 Investor Letter. Allegiant Travel Company (NASDAQ:ALGT) is a travel company based in Las Vegas, Nevada. Allegiant Travel Company (NASDAQ:ALGT) stock closed at $61.01 per share on November 8, 2023. His 1-month return for Allegiant Travel Company (NASDAQ:ALGT) is -18.23%, and the company’s stock has lost 17.70% of its value over the past 52 weeks. Allegiant Travel Company (NASDAQ:ALGT) has a market capitalization of $1.125 billion.

Diamond Hill Small Cap Fund commented on Allegiant Travel Company (NASDAQ:ALGT) in its Q3 2023 Investor Letter:

“Other junior contributors in the third quarter included Rimini Street, Lancaster Colony Corporation; Allegiant Travel Company (NASDAQ:ALGT). Packaged food manufacturer Lancaster Colony and regional airline Allegiant Travel suffered weak third-quarter results due to weak consumer demand and an unfavorable pricing environment for Allegiant. ”

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A family boarding a plane with suitcases. It symbolizes the company’s expansion into the global travel industry.

Allegiant Travel Company (NASDAQ:ALGT) isn’t on our list of 30 most popular stocks among hedge funds. Our database shows that 22 hedge fund portfolios held shares in Allegiant Travel Company (NASDAQ:ALGT) at the end of the second quarter, compared to 19 in the prior quarter.

We covered Allegiant Travel Company (NASDAQ:ALGT) in another article and shared a list of best airline stocks to buy from Wall Street analysts. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q3 2023 page.

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Disclosure: None. This article was originally published on Insider Monkey.

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