Allegiant Travel (NASDAQ:ALGT) Downgraded by Wolfe Research to “Hold”

Wolfe Research cut shares of Allegiant Travel (NASDAQ:ALGT) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also commented on ALGT. 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. Morgan Stanley dropped their price target on shares of Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Monday, July 8th. Barclays increased their price objective on shares of Allegiant Travel from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft cut Allegiant Travel from a “buy” rating to a “hold” rating and dropped their target price for the stock from $75.00 to $53.00 in a report on Monday, July 8th. Finally, Susquehanna increased their price target on Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $65.38.

Allegiant Travel Stock Performance

Shares of NASDAQ ALGT opened at $71.11 on Monday. Allegiant Travel has a 12-month low of $36.08 and a 12-month high of $85.91. The company has a market cap of $1.30 billion, a PE ratio of -47.41, a P/E/G ratio of 5.24 and a beta of 1.61. The stock has a 50 day simple moving average of $53.87 and a 200-day simple moving average of $51.18. The company has a current ratio of 0.74, a quick ratio of 0.71 and a debt-to-equity ratio of 1.30.

Insider Buying and Selling

In other 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 completion of the sale, the director now owns 7,490 shares in the company, valued at approximately $337,050. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Gary Ellmer sold 1,000 shares of Allegiant Travel stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 7,490 shares in the company, valued at $337,050. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Keny Frank Wilper sold 635 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at approximately $1,025,169.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,334 shares of company stock worth $117,158. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Donald Smith & CO. Inc. lifted its position in shares of Allegiant Travel by 166.7% in the 2nd quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company’s stock valued at $41,506,000 after acquiring an additional 516,545 shares in the last quarter. U S Global Investors Inc. raised its stake in Allegiant Travel by 51.9% during the 3rd quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company’s stock valued at $40,823,000 after purchasing an additional 253,198 shares during the period. Clearbridge Investments LLC purchased a new stake in shares of Allegiant Travel in the second quarter valued at $8,959,000. Millennium Management LLC boosted its position in shares of Allegiant Travel by 779.8% in the second quarter. Millennium Management LLC now owns 169,459 shares of the transportation company’s stock worth $8,512,000 after buying an additional 150,197 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Allegiant Travel during the third quarter valued at $63,540,000. 85.81% of the stock is currently owned by institutional investors and hedge funds.

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.