Brokers Issue Forecasts for Allegiant Travel’s Q3 2024 Earnings (NASDAQ:ALGT)

Allegiant Travel (NASDAQ:ALGT) – Equities researchers at Zacks Research increased their Q3 2024 earnings per share estimates for Allegiant Travel in a research report issued on Monday, September 23rd. Zacks Research analyst S. Goswami now anticipates that the transportation company will post earnings of ($1.79) per share for the quarter, up from their prior estimate of ($2.51). The consensus estimate for Allegiant Travel’s current full-year earnings is $0.97 per share. Zacks Research also issued estimates for Allegiant Travel’s Q4 2024 earnings at $0.79 EPS, FY2024 earnings at $1.34 EPS, Q1 2025 earnings at $1.96 EPS, Q3 2025 earnings at $1.23 EPS, Q4 2025 earnings at $1.69 EPS, FY2025 earnings at $7.07 EPS, Q2 2026 earnings at $1.73 EPS and FY2026 earnings at $9.37 EPS.

A number of other analysts have also commented on the company. Evercore ISI decreased their target price on Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating for the company in a research report on Monday, July 15th. Susquehanna decreased their price objective on Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Barclays cut their target price on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating and decreased their price target for the company from $75.00 to $53.00 in a research note on Monday, July 8th. Finally, Morgan Stanley dropped their price objective on shares of Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $59.50.

Allegiant Travel Trading Down 3.0 %

ALGT opened at $47.04 on Thursday. The company has a market cap of $860.83 million, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 6.10 and a beta of 1.64. The company has a fifty day moving average price of $43.65 and a two-hundred day moving average price of $52.56. The company has a current ratio of 0.74, a quick ratio of 0.71 and a debt-to-equity ratio of 1.30. Allegiant Travel has a 1-year low of $36.08 and a 1-year high of $85.91.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings data on Wednesday, July 31st. The transportation company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.93. The company had revenue of $666.28 million during the quarter, compared to analyst estimates of $657.74 million. Allegiant Travel had a negative net margin of 0.57% and a positive return on equity of 3.48%. Allegiant Travel’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.35 EPS.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Donald Smith & CO. Inc. grew its position in Allegiant Travel by 166.7% during the second quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company’s stock valued at $41,506,000 after buying an additional 516,545 shares during the period. Clearbridge Investments LLC bought a new position in shares of Allegiant Travel during the 2nd quarter valued at approximately $8,959,000. Millennium Management LLC grew its position in shares of Allegiant Travel by 779.8% during the 2nd quarter. Millennium Management LLC now owns 169,459 shares of the transportation company’s stock valued at $8,512,000 after acquiring an additional 150,197 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Allegiant Travel during the 2nd quarter worth approximately $4,263,000. Finally, Interval Partners LP bought a new stake in shares of Allegiant Travel in the 1st quarter worth approximately $5,641,000. Institutional investors own 85.81% of the company’s stock.

Insiders Place Their Bets

In other Allegiant Travel news, Director Gary Ellmer sold 1,000 shares of Allegiant Travel stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the transaction, the director now owns 7,490 shares of the company’s stock, valued at approximately $337,050. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 17.50% of the stock is currently owned by insiders.

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.