Allegiant Travel (NASDAQ:ALGT) Hits New 52-Week High Following Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT)’s stock price reached a new 52-week high on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock traded as high as $103.50 and last traded at $103.30, with a volume of 15178 shares. The stock had previously closed at $100.97.

Several other research analysts have also weighed in on ALGT. Evercore ISI boosted their price target on Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research report on Thursday, October 3rd. Morgan Stanley lifted their target price on Allegiant Travel from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Raymond James lifted their target price on Allegiant Travel from $75.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, December 30th. Barclays lifted their target price on Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. Finally, Susquehanna lifted their target price on Allegiant Travel from $60.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Ten investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Allegiant Travel has a consensus rating of “Hold” and a consensus target price of $75.11.

Insider Activity at Allegiant Travel

In other news, COO Keny Frank Wilper sold 635 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total transaction of $39,808.15. Following the completion of the sale, the chief operating officer now directly owns 16,353 shares in the company, valued at approximately $1,025,169.57. This represents a 3.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Sandra Douglass Morgan sold 350 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total value of $28,269.50. Following the sale, the director now directly owns 11,650 shares in the company, valued at approximately $940,970.50. This trade represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,304 shares of company stock worth $2,459,900 in the last ninety days. 15.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in shares of Allegiant Travel in the third quarter worth $63,540,000. Charles Schwab Investment Management Inc. raised its position in Allegiant Travel by 41.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 257,456 shares of the transportation company’s stock valued at $14,176,000 after purchasing an additional 75,486 shares during the last quarter. Clearbridge Investments LLC bought a new position in Allegiant Travel in the second quarter valued at about $8,959,000. Hauser Brothers GmbH raised its position in Allegiant Travel by 73.0% in the third quarter. Hauser Brothers GmbH now owns 23,700 shares of the transportation company’s stock valued at $1,305,000 after purchasing an additional 10,000 shares during the last quarter. Finally, State Street Corp raised its position in Allegiant Travel by 1.7% in the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock valued at $33,530,000 after purchasing an additional 10,050 shares during the last quarter. Institutional investors own 85.81% of the company’s stock.

Allegiant Travel Stock Up 1.1 %

The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72. The company has a market capitalization of $1.87 billion, a P/E ratio of -68.08, a P/E/G ratio of 7.17 and a beta of 1.62. The stock has a 50-day moving average price of $84.64 and a 200-day moving average price of $61.89.

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.