Allegiant Travel (NASDAQ:ALGT) Trading 7.6% Higher After Analyst Upgrade

Shares of Allegiant Travel (NASDAQ:ALGT) rose 7.6% during mid-day trading on Friday after Evercore ISI raised their price target on the stock from $60.00 to $65.00. Evercore ISI currently has an in-line rating on the stock. Allegiant Travel traded as high as $59.98 and last traded at $59.17. Approximately 74,820 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 356,122 shares. The stock had previously closed at $55.00.

Several other research firms have also recently commented on ALGT. Susquehanna lowered their price target on shares of Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. TD Cowen increased their target price on Allegiant Travel from $33.00 to $42.00 and gave the company a “hold” rating in a report on Thursday. Barclays decreased their price target on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Morgan Stanley dropped their price objective on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a report on Monday, July 8th. Finally, Deutsche Bank Aktiengesellschaft cut Allegiant Travel from a “buy” rating to a “hold” rating and decreased their target price for the stock from $75.00 to $53.00 in a research note on Monday, July 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $61.25.

Insider Activity at Allegiant Travel

In related news, Director Gary Ellmer sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the sale, the director now owns 7,490 shares in the company, valued at approximately $337,050. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 1,699 shares of company stock valued at $77,350. 17.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in Allegiant Travel in the 2nd quarter valued at $34,000. CWM LLC grew its stake in shares of Allegiant Travel by 275.1% in the second quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock valued at $64,000 after buying an additional 930 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Allegiant Travel during the 1st quarter valued at about $141,000. Headlands Technologies LLC lifted its position in Allegiant Travel by 170.6% during the 2nd quarter. Headlands Technologies LLC now owns 2,522 shares of the transportation company’s stock worth $127,000 after acquiring an additional 1,590 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Allegiant Travel by 6.9% in the 1st quarter. ProShare Advisors LLC now owns 3,155 shares of the transportation company’s stock worth $237,000 after acquiring an additional 203 shares during the period. 85.81% of the stock is owned by hedge funds and other institutional investors.

Allegiant Travel Price Performance

The company has a market cap of $1.05 billion, a price-to-earnings ratio of 18.29, a P/E/G ratio of 6.10 and a beta of 1.65. The company’s 50-day simple moving average is $44.37 and its 200-day simple moving average is $51.97. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.74 and a quick ratio of 0.71.

Allegiant Travel (NASDAQ:ALGT) last issued its quarterly earnings results on Wednesday, July 31st. The transportation company reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.93. Allegiant Travel had a positive return on equity of 3.48% and a negative net margin of 0.57%. The firm had revenue of $666.28 million during the quarter, compared to the consensus estimate of $657.74 million. During the same quarter in the prior year, the business posted $4.35 earnings per share. Allegiant Travel’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, equities research analysts anticipate that Allegiant Travel will post 0.97 EPS for the current year.

Allegiant Travel Company Profile

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.