Allegiant Travel (NASDAQ:ALGT) Trading 4.6% Higher After Analyst Upgrade

Shares of Allegiant Travel (NASDAQ:ALGT) were up 4.6% during mid-day trading on Wednesday after Morgan Stanley raised their price target on the stock from $80.00 to $90.00. Morgan Stanley currently has an equal weight rating on the stock. Allegiant Travel traded as high as $86.83 and last traded at $86.60. Approximately 14,372 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 366,593 shares. The stock had previously closed at $82.78.

ALGT has been the topic of several other reports. Wolfe Research cut Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group reissued a “neutral” rating and issued a $83.00 price objective on shares of Allegiant Travel in a report on Friday, November 15th. Barclays boosted their target price on shares of Allegiant Travel from $50.00 to $75.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. TD Cowen increased their price target on shares of Allegiant Travel from $42.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, Evercore ISI boosted 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 report on Thursday, October 3rd. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $65.78.

Insider Transactions at Allegiant Travel

In related news, Director Sandra Douglass Morgan sold 350 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total transaction of $28,269.50. Following the completion of the sale, the director now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of Allegiant Travel stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $84.46, for a total value of $2,391,822.74. Following the sale, the chairman now directly owns 2,147,730 shares in the company, valued at $181,397,275.80. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,600 shares of company stock valued at $2,476,465 over the last three months. Corporate insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On Allegiant Travel

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Donald Smith & CO. Inc. increased its holdings in 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 during the last quarter. U S Global Investors Inc. boosted its holdings in shares of 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 last quarter. Clearbridge Investments LLC purchased a new position in shares of Allegiant Travel during the second quarter valued at about $8,959,000. Millennium Management LLC increased its holdings 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 purchasing an additional 150,197 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Allegiant Travel in the third quarter worth about $63,540,000. Institutional investors own 85.81% of the company’s stock.

Allegiant Travel Stock Up 4.7 %

The company has a market capitalization of $1.59 billion, a PE ratio of -57.80, a P/E/G ratio of 6.60 and a beta of 1.67. The business has a 50-day moving average of $70.02 and a 200 day moving average of $55.18. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72.

Allegiant Travel Company Profile

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.