Allegiant Travel (NASDAQ:ALGT) Stock Price Down 7%

Allegiant Travel (NASDAQ:ALGT)’s share price fell 7% during trading on Thursday . The stock traded as low as $51.82 and last traded at $52.15. 57,545 shares changed hands during trading, a decline of 83% from the average session volume of 342,355 shares. The stock had previously closed at $56.07.

Analyst Ratings Changes

Several research firms have recently issued reports on ALGT. Deutsche Bank Aktiengesellschaft lowered Allegiant Travel from a “buy” rating to a “hold” rating and reduced their price target for the stock from $75.00 to $53.00 in a research report on Monday, July 8th. TD Cowen reduced their target price on Allegiant Travel from $60.00 to $39.00 and set a “hold” rating on the stock in a report on Wednesday, July 17th. Barclays lowered their price target on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Susquehanna decreased their price objective on shares of Allegiant Travel from $60.00 to $55.00 and set a “neutral” rating for the company in a report on Tuesday, July 16th. Finally, Evercore ISI lowered their target price on shares of Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating for the company in a research note on Monday, July 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Allegiant Travel currently has an average rating of “Hold” and a consensus target price of $62.13.

Allegiant Travel Stock Performance

The stock’s 50 day simple moving average is $50.79 and its two-hundred day simple moving average is $62.09. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.76 and a quick ratio of 0.74. The stock has a market cap of $795.92 million, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 2.06 and a beta of 1.66.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings data on Wednesday, July 31st. The transportation company reported $1.77 EPS for the quarter, beating the consensus estimate of $0.84 by $0.93. The business had revenue of $666.28 million for the quarter, compared to analysts’ expectations of $657.74 million. Allegiant Travel had a negative net margin of 0.57% and a positive return on equity of 3.48%. The firm’s revenue was down 2.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.35 EPS. As a group, research analysts forecast that Allegiant Travel will post 3.08 EPS for the current year.

Allegiant Travel Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were issued a dividend of $0.60 per share. The ex-dividend date was Tuesday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.50%. Allegiant Travel’s payout ratio is presently 75.95%.

Insider Buying and Selling at Allegiant Travel

In other news, EVP Robert Paul Wilson III sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $53.00, for a total transaction of $39,750.00. Following the completion of the transaction, the executive vice president now directly owns 74,948 shares of the company’s stock, valued at approximately $3,972,244. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Robert Paul Wilson III sold 750 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $53.00, for a total transaction of $39,750.00. Following the completion of the transaction, the executive vice president now owns 74,948 shares in the company, valued at $3,972,244. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Keny Frank Wilper sold 1,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $51.00, for a total transaction of $51,000.00. Following the completion of the transaction, the chief operating officer now directly owns 9,422 shares of the company’s stock, valued at approximately $480,522. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,037 shares of company stock worth $1,395,948. Corporate insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Allegiant Travel

Several large investors have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new stake in Allegiant Travel during the fourth quarter worth $28,000. Innealta Capital LLC acquired a new stake in Allegiant Travel in the 2nd quarter valued at about $34,000. CWM LLC lifted its stake in Allegiant Travel by 275.1% in the 2nd quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock valued at $64,000 after purchasing an additional 930 shares during the last quarter. Tradewinds Capital Management LLC bought a new position in Allegiant Travel during the fourth quarter worth about $83,000. Finally, SG Americas Securities LLC acquired a new position in Allegiant Travel during the first quarter worth approximately $141,000. Institutional investors and hedge funds own 85.81% of the company’s stock.

About Allegiant Travel

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 1, 2024, it operated a fleet of 126 Airbus A320 series aircraft.