Comerica Bank Reduces Stock Holdings in Allegiant Travel (NASDAQ:ALGT)

Comerica Bank lowered its position in Allegiant Travel (NASDAQ:ALGT) by 6.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,331 shares of the transportation company’s stock after selling 366 shares during the period. Comerica Bank’s holdings in Allegiant Travel were worth $502,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Signaturefd LLC increased its position in Allegiant Travel by 30.3% during the 4th quarter. Signaturefd LLC now owns 594 shares of the transportation company’s stock worth $56,000 after purchasing an additional 138 shares in the last quarter. SeaCrest Wealth Management LLC increased its position in Allegiant Travel by 3.3% during the 4th quarter. SeaCrest Wealth Management LLC now owns 6,210 shares of the transportation company’s stock worth $584,000 after purchasing an additional 200 shares in the last quarter. Jones Financial Companies Lllp increased its position in Allegiant Travel by 94.5% during the 4th quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company’s stock worth $43,000 after purchasing an additional 223 shares in the last quarter. Crews Bank & Trust purchased a new stake in Allegiant Travel during the 4th quarter worth about $25,000. Finally, Legal & General Group Plc increased its position in Allegiant Travel by 1.1% during the 4th quarter. Legal & General Group Plc now owns 31,767 shares of the transportation company’s stock worth $2,990,000 after purchasing an additional 348 shares in the last quarter. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Wall Street Analyst Weigh In

ALGT has been the subject of a number of recent research reports. TD Cowen lifted their price objective on Allegiant Travel from $35.00 to $50.00 and gave the stock a “hold” rating in a research report on Monday. Susquehanna decreased their price target on Allegiant Travel from $95.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. UBS Group raised their price target on Allegiant Travel from $45.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday. StockNews.com raised Allegiant Travel from a “sell” rating to a “hold” rating in a research note on Wednesday, January 15th. Finally, Morgan Stanley raised their price target on Allegiant Travel from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $64.70.

Allegiant Travel Stock Performance

NASDAQ ALGT opened at $56.33 on Thursday. The firm has a market capitalization of $1.03 billion, a P/E ratio of -4.21 and a beta of 1.78. Allegiant Travel has a 1-year low of $36.09 and a 1-year high of $107.57. 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 business’s 50-day simple moving average is $50.27 and its 200-day simple moving average is $72.73.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings data on Tuesday, May 6th. The transportation company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.27. The business had revenue of $699.07 million for the quarter, compared to analyst estimates of $700.00 million. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. The company’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. Equities analysts predict that Allegiant Travel will post 7.7 EPS for the current year.

Allegiant Travel 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.