Barclays Forecasts Strong Price Appreciation for Allegiant Travel (NASDAQ:ALGT) Stock

Allegiant Travel (NASDAQ:ALGT) had its price objective increased by Barclays from $50.00 to $75.00 in a research note published on Thursday morning,Benzinga reports. Barclays currently has an equal weight rating on the transportation company’s stock.

ALGT has been the topic of a number of other research reports. Susquehanna increased their price objective on Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Wolfe Research lowered shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. TD Cowen lifted their price target on shares of Allegiant Travel from $42.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Finally, Evercore ISI upped their price objective on shares of Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $70.11.

Allegiant Travel Price Performance

ALGT stock opened at $77.69 on Thursday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The stock’s 50 day moving average price is $57.95 and its 200 day moving average price is $51.83. The firm has a market cap of $1.43 billion, a P/E ratio of -51.79, a PEG ratio of 5.92 and a beta of 1.61. Allegiant Travel has a 1 year low of $36.08 and a 1 year high of $85.91.

Insider Activity at Allegiant Travel

In related news, COO Keny Frank Wilper sold 635 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total value of $39,808.15. Following the transaction, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at approximately $1,025,169.57. This trade represents a 3.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gary Ellmer sold 1,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.00, for a total value of $45,000.00. Following the sale, the director now directly owns 7,490 shares of the company’s stock, valued at approximately $337,050. This trade represents a 11.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,334 shares of company stock worth $117,158. 15.80% of the stock is owned by company insiders.

Institutional Trading of Allegiant Travel

A number of institutional investors and hedge funds have recently bought and sold shares of ALGT. Janney Montgomery Scott LLC lifted its position in Allegiant Travel by 18.8% during the first quarter. Janney Montgomery Scott LLC now owns 7,799 shares of the transportation company’s stock valued at $587,000 after buying an additional 1,235 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Allegiant Travel in the 1st quarter valued at $141,000. ProShare Advisors LLC boosted its position in Allegiant Travel by 6.9% during the 1st quarter. ProShare Advisors LLC now owns 3,155 shares of the transportation company’s stock worth $237,000 after purchasing an additional 203 shares during the period. Vanguard Group Inc. boosted its position in Allegiant Travel by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 1,749,649 shares of the transportation company’s stock worth $131,591,000 after purchasing an additional 38,612 shares during the period. Finally, Donald Smith & CO. Inc. increased its holdings in Allegiant Travel by 106.7% in the 1st quarter. Donald Smith & CO. Inc. now owns 309,781 shares of the transportation company’s stock valued at $23,299,000 after purchasing an additional 159,892 shares in the last quarter. Institutional investors and hedge funds own 85.81% of the company’s stock.

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.