Allegiant Travel (NASDAQ:ALGT) Hits New 12-Month High After Analyst Upgrade

Shares of Allegiant Travel (NASDAQ:ALGT) reached a new 52-week high during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $80.00 to $90.00. Morgan Stanley currently has an equal weight rating on the stock. Allegiant Travel traded as high as $87.67 and last traded at $86.70, with a volume of 387764 shares changing hands. The stock had previously closed at $82.78.

A number of other research analysts have also recently commented on the company. UBS Group initiated coverage on Allegiant Travel in a report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price objective on the stock. TD Cowen lifted their target price on Allegiant Travel from $42.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Barclays increased their price target on Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $83.00 price objective on shares of Allegiant Travel in a report on Friday, November 15th. Finally, Susquehanna increased their target price on shares of Allegiant Travel from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $65.78.

Insider Activity at Allegiant Travel

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. raised its holdings in shares of Allegiant Travel by 166.7% in the 2nd quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company’s stock valued at $41,506,000 after purchasing an additional 516,545 shares in the last quarter. U S Global Investors Inc. increased its holdings in Allegiant Travel by 51.9% in the third quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company’s stock valued at $40,823,000 after buying an additional 253,198 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in Allegiant Travel in the second quarter valued at $8,959,000. Millennium Management LLC raised its stake in Allegiant Travel by 779.8% in the second quarter. Millennium Management LLC now owns 169,459 shares of the transportation company’s stock valued at $8,512,000 after buying an additional 150,197 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Allegiant Travel during the 3rd quarter worth about $63,540,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Allegiant Travel Trading Down 2.8 %

The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36. The firm has a market cap of $1.56 billion, a PE ratio of -56.60, a P/E/G ratio of 7.17 and a beta of 1.67. The business has a fifty day moving average price of $71.21 and a 200 day moving average price of $55.66.

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.