Allegiant Travel (NASDAQ:ALGT) Sees Large Decline in Short Interest

Allegiant Travel (NASDAQ:ALGT) was the target of a significant decline in short interest in October. As of October 31st, there was short interest totalling 1,530,000 shares, a decline of 17.3% from the October 15th total of 1,850,000 shares. Based on an average daily volume of 411,700 shares, the days-to-cover ratio is currently 3.7 days. Approximately 10.0% of the company’s stock are short sold.

Allegiant Travel Stock Up 1.4 %

Shares of ALGT stock traded up $1.07 during trading hours on Friday, reaching $77.15. The company had a trading volume of 253,731 shares, compared to its average volume of 370,921. The stock’s fifty day simple moving average is $57.21 and its 200 day simple moving average is $51.71. The company has a market capitalization of $1.42 billion, a P/E ratio of -51.95, a price-to-earnings-growth ratio of 5.92 and a beta of 1.61. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. Allegiant Travel has a twelve month low of $36.08 and a twelve month high of $85.91.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ALGT shares. Wolfe Research downgraded shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. TD Cowen boosted their price target on shares of Allegiant Travel from $42.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. The Goldman Sachs Group reiterated a “neutral” rating and issued a $83.00 price objective on shares of Allegiant Travel in a report on Friday. Evercore ISI lifted their price target on shares of Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research note on Thursday, October 3rd. Finally, Barclays upped their price target on shares of Allegiant Travel from $50.00 to $75.00 and gave the company an “equal weight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $70.11.

Insiders Place Their Bets

In other news, COO Keny Frank Wilper sold 635 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total transaction of $39,808.15. Following the transaction, the chief operating officer now owns 16,353 shares in the company, valued at $1,025,169.57. This trade represents a 3.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gary Ellmer sold 1,000 shares of Allegiant Travel stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.00, for a total transaction of $45,000.00. Following the sale, the director now directly owns 7,490 shares in the company, valued at approximately $337,050. This trade represents a 11.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,334 shares of company stock worth $117,158. 15.80% of the stock is owned by corporate insiders.

Institutional Trading of Allegiant Travel

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in Allegiant Travel in the third quarter valued at about $63,540,000. Interval Partners LP acquired a new position in shares of Allegiant Travel during the first quarter valued at $5,641,000. Clearbridge Investments LLC bought a new position in Allegiant Travel in the 2nd quarter valued at about $8,959,000. XTX Topco Ltd acquired a new position in shares of Allegiant Travel during the second quarter valued at approximately $764,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Allegiant Travel in the second quarter valued at $285,000. Hedge funds and other institutional investors 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.