Evercore ISI Trims Allegiant Travel (NASDAQ:ALGT) Target Price to $60.00

Allegiant Travel (NASDAQ:ALGT) had its price objective reduced by stock analysts at Evercore ISI from $85.00 to $60.00 in a report issued on Monday, Benzinga reports. The firm presently has an “in-line” rating on the transportation company’s stock. Evercore ISI’s price target indicates a potential upside of 17.83% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on ALGT. TD Cowen lowered their price objective on shares of Allegiant Travel from $65.00 to $60.00 and set a “hold” rating for the company in a research report on Wednesday, May 15th. Barclays dropped their price target on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Morgan Stanley lowered their target price on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating for the company in a report on Monday, July 8th. Deutsche Bank Aktiengesellschaft lowered Allegiant Travel from a “buy” rating to a “hold” rating and cut their price target for the company from $75.00 to $53.00 in a research note on Monday, July 8th. Finally, UBS Group started coverage on Allegiant Travel in a research note on Wednesday, March 20th. They issued a “sell” rating and a $58.00 price objective for the company. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $66.00.

Allegiant Travel Price Performance

Shares of ALGT stock traded up $1.21 during trading hours on Monday, reaching $50.92. The company’s stock had a trading volume of 40,580 shares, compared to its average volume of 328,001. Allegiant Travel has a fifty-two week low of $43.91 and a fifty-two week high of $129.89. The firm’s 50 day simple moving average is $51.53 and its 200-day simple moving average is $64.91. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $928.27 million, a price-to-earnings ratio of 16.11, a PEG ratio of 1.83 and a beta of 1.66.

Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings data on Tuesday, May 7th. The transportation company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.06. Allegiant Travel had a return on equity of 0.50% and a net margin of 2.26%. The business had revenue of $656.70 million during the quarter, compared to the consensus estimate of $645.23 million. During the same period in the prior year, the company earned $3.04 EPS. Allegiant Travel’s revenue for the quarter was up 1.1% on a year-over-year basis. Sell-side analysts forecast that Allegiant Travel will post 3.46 earnings per share for the current year.

Insider Transactions at Allegiant Travel

In related news, EVP Robert Paul Wilson III sold 4,600 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $54.00, for a total transaction of $248,400.00. Following the completion of the sale, the executive vice president now owns 75,698 shares of the company’s stock, valued at $4,087,692. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Robert Paul Wilson III sold 4,600 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $54.00, for a total transaction of $248,400.00. Following the transaction, the executive vice president now directly owns 75,698 shares of the company’s stock, valued at $4,087,692. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Keny Frank Wilper sold 1,000 shares of Allegiant Travel stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $51.00, for a total transaction of $51,000.00. Following the completion of the sale, the chief operating officer now directly owns 9,422 shares of the company’s stock, valued at $480,522. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,037 shares of company stock valued at $1,395,948. Corporate insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new stake in Allegiant Travel in the 4th quarter valued at $28,000. CWM LLC boosted its position in Allegiant Travel by 275.1% during the second quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock worth $64,000 after purchasing an additional 930 shares during the period. Tradewinds Capital Management LLC purchased a new position in shares of Allegiant Travel in the fourth quarter worth about $83,000. SG Americas Securities LLC bought a new stake in shares of Allegiant Travel in the first quarter valued at approximately $141,000. Finally, Commerce Bank purchased a new stake in shares of Allegiant Travel during the 4th quarter valued at approximately $201,000. Institutional investors 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.