Elliott Investment Management sold 1,203,920 shares of LUV at $29.83, reducing stake to 59,912,580 shares
Elliott Investment Management, a 10% owner, sold 1,203,920 shares (1.20M shares) for $35,912,933.60 ($35.9M) on 2024-10-28 at $29.83 per share, reducing its holdings by 2.0% to 59,912,580 shares. The sale occurred while LUV traded 9.6% below its 52-week high of $34.83, despite positive short-term momentum (+6.2% over 30 days and +19.4% over 90 days). Elliott's cross-ticker track record shows prior sells averaging +3.4% return over 30 days and +4.6% over 90 days, indicating historically poorly-timed exits, though the 0.00% well-timed rate suggests no pattern of selling before subsequent declines. The transaction signals partial liquidation of a major stake in an airline with elevated P/E of 40.35, though the sale's discretionary nature and financial context (latest quarterly net income of $67.0M against $6.9B revenue) warrant monitoring for shifts in Elliott's strategic positioning.