Allegiant Travel (NASDAQ:ALGT) Sets New 52-Week High – Here’s Why

Allegiant Travel (NASDAQ:ALGT)’s share price reached a new 52-week high on Monday . The stock traded as high as $100.12 and last traded at $99.46, with a volume of 53924 shares. The stock had previously closed at $93.93.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $83.00 price objective on shares of Allegiant Travel in a research note on Friday, November 15th. Morgan Stanley raised their target price on shares of Allegiant Travel from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 11th. Susquehanna raised their target price on shares of Allegiant Travel from $60.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday. Barclays raised their target price on shares of Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. Finally, Wolfe Research downgraded shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. Ten analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $74.11.

Allegiant Travel Stock Performance

The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -66.08, a P/E/G ratio of 7.17 and a beta of 1.62. The stock’s fifty day moving average is $81.15 and its two-hundred day moving average is $60.17. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Insider Buying and Selling

In other news, Director Sandra Douglass Morgan sold 350 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total value of $28,269.50. Following the completion of the sale, the director now owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. The trade was a 2.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Keny Frank Wilper sold 635 shares of the business’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 completion of the sale, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at approximately $1,025,169.57. The trade was a 3.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,304 shares of company stock worth $2,459,900. Insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in Allegiant Travel in the third quarter valued at about $63,540,000. Charles Schwab Investment Management Inc. raised its stake in Allegiant Travel by 41.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 257,456 shares of the transportation company’s stock valued at $14,176,000 after purchasing an additional 75,486 shares in the last quarter. Clearbridge Investments LLC acquired a new position in Allegiant Travel in the second quarter valued at about $8,959,000. Hauser Brothers GmbH raised its stake in Allegiant Travel by 73.0% in the third quarter. Hauser Brothers GmbH now owns 23,700 shares of the transportation company’s stock valued at $1,305,000 after purchasing an additional 10,000 shares in the last quarter. Finally, State Street Corp raised its stake in Allegiant Travel by 1.7% in the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock valued at $33,530,000 after purchasing an additional 10,050 shares in the last quarter. Institutional investors and hedge funds own 85.81% of the company’s stock.

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.