Allegiant Travel (NASDAQ:ALGT) Trading Down 4.7% on Analyst Downgrade

Allegiant Travel (NASDAQ:ALGT)’s share price fell 4.7% during trading on Thursday after UBS Group lowered their price target on the stock from $93.00 to $61.00. UBS Group currently has a neutral rating on the stock. Allegiant Travel traded as low as $53.44 and last traded at $53.35. 59,002 shares changed hands during trading, a decline of 85% from the average session volume of 395,518 shares. The stock had previously closed at $55.97.

A number of other analysts have also recently commented on ALGT. The Goldman Sachs Group upped their price objective on Allegiant Travel from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Barclays upped their price target on Allegiant Travel from $85.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. StockNews.com upgraded Allegiant Travel from a “sell” rating to a “hold” rating in a research report on Wednesday, January 15th. Susquehanna increased their target price on Allegiant Travel from $60.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Finally, Bank of America increased their target price on Allegiant Travel from $54.00 to $95.00 and gave the stock an “underperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $84.60.

Hedge Funds Weigh In On Allegiant Travel

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new position in Allegiant Travel during the fourth quarter valued at approximately $3,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Allegiant Travel during the fourth quarter valued at approximately $655,000. Voloridge Investment Management LLC bought a new position in Allegiant Travel during the fourth quarter valued at approximately $16,713,000. Woodline Partners LP bought a new position in Allegiant Travel during the fourth quarter valued at approximately $5,372,000. Finally, ProShare Advisors LLC bought a new position in Allegiant Travel during the fourth quarter valued at approximately $438,000. 85.81% of the stock is owned by institutional investors.

Allegiant Travel Stock Performance

The business has a 50 day moving average of $82.86 and a 200 day moving average of $73.49. The company has a market capitalization of $972.46 million, a P/E ratio of -3.97 and a beta of 1.64. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings results on Tuesday, February 4th. The transportation company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $1.62. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. On average, sell-side analysts predict that Allegiant Travel will post 7.7 earnings per share 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.