Allegiant Travel (NASDAQ:ALGT) Stock Price Down 4.7% After Analyst Downgrade

Allegiant Travel (NASDAQ:ALGT)’s share price dropped 4.7% 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. Approximately 59,002 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 395,518 shares. The stock had previously closed at $55.97.

Several other analysts have also weighed in on ALGT. StockNews.com upgraded Allegiant Travel from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th. Morgan Stanley upped their price objective on Allegiant Travel from $90.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. 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 report on Tuesday, January 14th. Bank of America upped their target price on Allegiant Travel from $54.00 to $95.00 and gave the company an “underperform” rating in a report on Friday, January 17th. Finally, TD Cowen increased their price target on Allegiant Travel from $50.00 to $70.00 and gave the company a “hold” rating in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $84.60.

Hedge Funds Weigh In On Allegiant Travel

A number of hedge funds and other institutional investors have recently modified their holdings of ALGT. Crews Bank & Trust acquired a new stake in Allegiant Travel during the 4th quarter worth about $25,000. Jones Financial Companies Lllp boosted 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 acquiring an additional 223 shares during the period. Sterling Capital Management LLC boosted its position in Allegiant Travel by 803.6% during the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company’s stock worth $47,000 after acquiring an additional 442 shares during the period. Signaturefd LLC boosted 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 acquiring an additional 138 shares during the period. Finally, GAMMA Investing LLC boosted its position in Allegiant Travel by 53.5% during the 4th quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock worth $64,000 after acquiring an additional 236 shares during the period. Institutional investors and hedge funds own 85.81% of the company’s stock.

Allegiant Travel Price Performance

The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -4.11 and a beta of 1.64. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36. The stock has a 50-day simple moving average of $81.94 and a 200 day simple moving average of $73.58.

Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings data on Tuesday, February 4th. The transportation company reported $2.10 EPS for the quarter, topping 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, equities research analysts forecast that Allegiant Travel will post 7.7 EPS for the current fiscal 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.