Allegiant Travel (NASDAQ:ALGT) Shares Up 7.6% Following Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT) shares shot up 7.6% during mid-day trading on Friday after Evercore ISI raised their price target on the stock from $60.00 to $65.00. Evercore ISI currently has an in-line rating on the stock. Allegiant Travel traded as high as $59.98 and last traded at $59.17. 74,820 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 356,122 shares. The stock had previously closed at $55.00.

ALGT has been the subject of several other reports. Susquehanna decreased their price target on shares of Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. TD Cowen raised their target price on shares of Allegiant Travel from $33.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday. Barclays lowered their target price on shares of Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft downgraded Allegiant Travel from a “buy” rating to a “hold” rating and cut their price target for the stock from $75.00 to $53.00 in a research note on Monday, July 8th. Finally, Morgan Stanley lowered their price objective on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.25.

Insider Buying and Selling

In other Allegiant Travel news, Director Gary Ellmer sold 1,000 shares of the 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. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.50% of the stock is owned by company insiders.

Institutional Trading of Allegiant Travel

Institutional investors have recently made changes to their positions in the stock. Innealta Capital LLC bought a new position in Allegiant Travel during the second quarter valued at approximately $34,000. CWM LLC boosted its stake in shares of Allegiant Travel by 275.1% in the 2nd quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock worth $64,000 after buying an additional 930 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Allegiant Travel in the first quarter worth $141,000. Headlands Technologies LLC increased its position in Allegiant Travel by 170.6% during the second quarter. Headlands Technologies LLC now owns 2,522 shares of the transportation company’s stock valued at $127,000 after acquiring an additional 1,590 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Allegiant Travel by 6.9% in the first quarter. ProShare Advisors LLC now owns 3,155 shares of the transportation company’s stock valued at $237,000 after acquiring an additional 203 shares during the period. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Allegiant Travel Price Performance

The firm has a 50-day simple moving average of $44.19 and a 200-day simple moving average of $52.02. The firm has a market capitalization of $1.06 billion, a PE ratio of 18.87, a PEG ratio of 6.10 and a beta of 1.65. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.74 and a quick ratio of 0.71.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings data on Wednesday, July 31st. The transportation company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.93. The company had revenue of $666.28 million for the quarter, compared to the consensus estimate of $657.74 million. Allegiant Travel had a negative net margin of 0.57% and a positive return on equity of 3.48%. The firm’s revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.35 earnings per share. As a group, equities analysts forecast that Allegiant Travel will post 0.97 earnings per share for the current year.

About Allegiant Travel

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.