Allegiant Travel (NASDAQ:ALGT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Allegiant Travel (NASDAQ:ALGT) had its price objective raised by Morgan Stanley from $80.00 to $90.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the transportation company’s stock.

ALGT has been the subject of several other reports. Susquehanna raised their price target on Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Barclays raised their target price on Allegiant Travel from $50.00 to $75.00 and gave the company an “equal weight” rating in a report on Thursday, November 14th. Wolfe Research cut shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. UBS Group initiated coverage on shares of Allegiant Travel in a research note on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price objective for the company. Finally, TD Cowen upped their target price 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. Nine research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $65.78.

Allegiant Travel Price Performance

Shares of NASDAQ:ALGT opened at $84.90 on Wednesday. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $94.45. The company has a 50-day moving average price of $71.21 and a 200 day moving average price of $55.66. The company has a market cap of $1.56 billion, a P/E ratio of -56.60, a PEG ratio of 7.17 and a beta of 1.67. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Insiders Place Their Bets

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 value of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares in the company, valued at $1,025,169.57. This represents a 3.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total transaction of $28,269.50. Following the completion of the transaction, the director now directly owns 11,650 shares of the company’s stock, valued at $940,970.50. The trade was a 2.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,600 shares of company stock worth $2,476,465. Insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. CWM LLC grew its position in shares of Allegiant Travel by 275.1% in the second quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock valued at $64,000 after purchasing an additional 930 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Allegiant Travel during the 2nd quarter valued at about $285,000. SeaCrest Wealth Management LLC lifted its holdings in shares of Allegiant Travel by 10.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 5,560 shares of the transportation company’s stock worth $279,000 after acquiring an additional 535 shares during the period. JB Capital LLC boosted its position in shares of Allegiant Travel by 48.0% in the second quarter. JB Capital LLC now owns 6,188 shares of the transportation company’s stock worth $311,000 after acquiring an additional 2,008 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Allegiant Travel by 7.7% in the second quarter. Bank of New York Mellon Corp now owns 215,533 shares of the transportation company’s stock valued at $10,826,000 after purchasing an additional 15,469 shares during the period. 85.81% of the stock is currently owned by institutional investors and hedge funds.

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.