Morgan Stanley Forecasts Strong Price Appreciation for Allegiant Travel (NASDAQ:ALGT) Stock

Allegiant Travel (NASDAQ:ALGT) had its price target increased by analysts at Morgan Stanley from $80.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s price objective points to a potential upside of 8.72% from the stock’s previous close.

Several other equities research analysts have also commented on ALGT. Evercore ISI raised their price target on shares of Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a research note on Thursday, October 3rd. Susquehanna boosted their price target on Allegiant Travel from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Barclays raised their price target on Allegiant Travel from $50.00 to $75.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. Wolfe Research downgraded shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $83.00 target price on shares of Allegiant Travel in a research note on Friday, November 15th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Allegiant Travel has a consensus rating of “Hold” and an average target price of $65.78.

Allegiant Travel Price Performance

Shares of ALGT opened at $82.78 on Wednesday. Allegiant Travel has a 12 month low of $36.08 and a 12 month high of $86.94. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72. The stock has a fifty day moving average price of $69.39 and a 200 day moving average price of $54.95. The company has a market cap of $1.52 billion, a P/E ratio of -55.19, a PEG ratio of 6.60 and a beta of 1.67.

Insider Activity at Allegiant Travel

In related news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $84.46, for a total value of $2,391,822.74. Following the completion of the transaction, the chairman now owns 2,147,730 shares in the company, valued at $181,397,275.80. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Keny Frank Wilper sold 635 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total transaction of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at $1,025,169.57. This represents a 3.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,600 shares of company stock valued at $2,476,465 over the last ninety days. Insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On Allegiant Travel

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in shares of Allegiant Travel by 149.2% in the third quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock valued at $25,000 after purchasing an additional 273 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Allegiant Travel by 136.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock worth $29,000 after acquiring an additional 304 shares in the last quarter. Privium Fund Management UK Ltd boosted its position in Allegiant Travel by 3.5% during the 3rd quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company’s stock worth $581,000 after acquiring an additional 358 shares during the period. SeaCrest Wealth Management LLC grew its stake in Allegiant Travel by 8.1% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 6,010 shares of the transportation company’s stock valued at $331,000 after acquiring an additional 450 shares in the last quarter. Finally, Inspire Investing LLC increased its holdings in shares of Allegiant Travel by 8.1% in the 3rd quarter. Inspire Investing LLC now owns 7,490 shares of the transportation company’s stock valued at $412,000 after purchasing an additional 562 shares during the period. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

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.