Shares of Allegiant Travel (ALGT - Get Report) were falling by 8.38% to $150 on heavy trading volume Wednesday afternoon, after the leisure travel company reported first quarter earnings results that fell short of analysts' expectations.

Earnings came in at $2.50 per share for the first quarter on revenue of $375.8 million. Analysts had forecast earnings of $2.58 per share on revenue of $375.1 million for the three month period ended March 31.

The company is in the process of transitioning to an all Airbus (EADSY) fleet and Allegiant is expecting that by the end of the year 60% of the change over will be complete.

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