Allegiant Travel (NASDAQ:ALGT) Reaches New 12-Month High Following Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT)’s share price hit a new 52-week high during mid-day trading on Tuesday after Raymond James raised their price target on the stock from $75.00 to $110.00. Raymond James currently has an outperform rating on the stock. Allegiant Travel traded as high as $94.53 and last traded at $94.38, with a volume of 174349 shares traded. The stock had previously closed at $92.24.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group reiterated a “neutral” rating and set a $83.00 target price on shares of Allegiant Travel in a report on Friday, November 15th. Barclays boosted their target price on Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. Evercore ISI raised their price target on Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a report on Thursday, October 3rd. UBS Group started coverage on shares of Allegiant Travel in a research note on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price target on the stock. Finally, Wolfe Research lowered shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $69.11.

Insider Buying and Selling at Allegiant Travel

In other Allegiant Travel news, COO Keny Frank Wilper sold 635 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total value of $39,808.15. Following the transaction, the chief operating officer now owns 16,353 shares of the company’s stock, valued at approximately $1,025,169.57. This represents a 3.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $84.46, for a total value of $2,391,822.74. Following the sale, the chairman now owns 2,147,730 shares of the company’s stock, valued at approximately $181,397,275.80. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,600 shares of company stock worth $2,476,465. Company insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On Allegiant Travel

A number of institutional investors and hedge funds have recently made changes to their positions in ALGT. Signaturefd LLC increased its holdings in Allegiant Travel by 149.2% during the third quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock valued at $25,000 after buying an additional 273 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Allegiant Travel by 136.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock worth $29,000 after purchasing an additional 304 shares during the period. NBC Securities Inc. lifted its position in Allegiant Travel by 2,827.9% during the third quarter. NBC Securities Inc. now owns 1,259 shares of the transportation company’s stock valued at $69,000 after purchasing an additional 1,216 shares in the last quarter. Headlands Technologies LLC grew its holdings 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 purchasing an additional 1,590 shares during the period. Finally, Stifel Financial Corp purchased a new stake in Allegiant Travel in the third quarter worth about $210,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Allegiant Travel Price Performance

The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36. The stock has a market cap of $1.73 billion, a P/E ratio of -62.75, a P/E/G ratio of 7.17 and a beta of 1.67. The firm has a 50 day moving average price of $78.50 and a 200 day moving average price of $58.93.

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.