Allegiant Travel (NASDAQ:ALGT) Given New $65.00 Price Target at Evercore ISI

Allegiant Travel (NASDAQ:ALGT) had its price objective lifted by equities research analysts at Evercore ISI from $60.00 to $65.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the transportation company’s stock. Evercore ISI’s target price suggests a potential upside of 18.07% from the stock’s previous close.

A number of other equities research analysts have also recently commented on ALGT. Barclays decreased their price target 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 downgraded Allegiant Travel from a “buy” rating to a “hold” rating and dropped their price target for the stock from $75.00 to $53.00 in a research note on Monday, July 8th. TD Cowen boosted their target price on shares of Allegiant Travel from $33.00 to $42.00 and gave the stock a “hold” rating in a report on Thursday. Susquehanna cut their target price 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. Finally, Morgan Stanley reduced their target price on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $61.25.

Allegiant Travel Price Performance

ALGT opened at $55.05 on Thursday. Allegiant Travel has a 1 year low of $36.08 and a 1 year high of $85.91. The stock has a 50-day moving average price of $44.19 and a 200-day moving average price of $52.02. The firm has a market cap of $1.00 billion, a PE ratio of 17.42, a P/E/G ratio of 6.10 and a beta of 1.64. 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 released its quarterly earnings results 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. Allegiant Travel had a positive return on equity of 3.48% and a negative net margin of 0.57%. The firm had revenue of $666.28 million for the quarter, compared to analysts’ expectations of $657.74 million. During the same period in the prior year, the firm earned $4.35 EPS. The company’s revenue was down 2.6% compared to the same quarter last year. Sell-side analysts predict that Allegiant Travel will post 0.97 earnings per share for the current fiscal year.

Insider Activity

In other Allegiant Travel news, Director Gary Ellmer sold 1,000 shares of Allegiant Travel stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the completion of the sale, the director now directly owns 7,490 shares in the company, valued at $337,050. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Allegiant Travel by 2.3% in the first quarter. Vanguard Group Inc. now owns 1,749,649 shares of the transportation company’s stock worth $131,591,000 after acquiring an additional 38,612 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Allegiant Travel by 1.9% during the second quarter. Diamond Hill Capital Management Inc. now owns 945,839 shares of the transportation company’s stock worth $47,509,000 after purchasing an additional 17,792 shares in the last quarter. Donald Smith & CO. Inc. raised its stake in Allegiant Travel by 166.7% in 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 in the last quarter. American Century Companies Inc. lifted its holdings in Allegiant Travel by 15.1% during the 2nd quarter. American Century Companies Inc. now owns 428,787 shares of the transportation company’s stock worth $21,538,000 after buying an additional 56,208 shares during the last quarter. Finally, Par Capital Management Inc. boosted its position in shares of Allegiant Travel by 1.4% during the 4th quarter. Par Capital Management Inc. now owns 253,500 shares of the transportation company’s stock worth $20,942,000 after acquiring an additional 3,500 shares in the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

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.