Allegiant Travel (NASDAQ:ALGT) Stock Price Expected to Rise, Raymond James Analyst Says

Allegiant Travel (NASDAQ:ALGT) had its price target boosted by analysts at Raymond James from $75.00 to $110.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the transportation company’s stock. Raymond James’ price target indicates a potential upside of 20.73% from the company’s current price.

Several other research analysts have also weighed in on the stock. StockNews.com lowered shares of Allegiant Travel from a “hold” rating to a “sell” rating in a report on Friday. UBS Group began coverage on shares of Allegiant Travel in a report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price target on the stock. The Goldman Sachs Group restated a “neutral” rating and set a $83.00 price objective on shares of Allegiant Travel in a report on Friday, November 15th. Barclays lifted 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. Finally, Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $69.11.

Allegiant Travel Stock Performance

Allegiant Travel stock opened at $91.11 on Monday. The stock has a fifty day moving average price of $76.68 and a 200 day moving average price of $58.08. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $94.45. The firm has a market capitalization of $1.67 billion, a P/E ratio of -60.74, a PEG ratio of 7.17 and a beta of 1.67. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36.

Insider Activity

In related news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $84.46, for a total transaction of $2,391,822.74. Following the completion of the sale, the chairman now directly owns 2,147,730 shares of the company’s stock, valued at approximately $181,397,275.80. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sandra Douglass Morgan sold 350 shares of the business’s stock in a transaction on 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 transaction, the director now owns 11,650 shares in the company, valued at $940,970.50. This represents 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. 15.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Allegiant Travel

Several hedge funds and other institutional investors have recently bought and sold shares of ALGT. Franklin Resources Inc. boosted its stake in shares of Allegiant Travel by 2.5% during the 3rd quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock valued at $34,584,000 after buying an additional 14,852 shares during the last quarter. Barclays PLC boosted its stake in Allegiant Travel by 136.9% during the 3rd quarter. Barclays PLC now owns 31,876 shares of the transportation company’s stock valued at $1,755,000 after acquiring an additional 18,421 shares during the last quarter. Geode Capital Management LLC grew its holdings in Allegiant Travel by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 364,755 shares of the transportation company’s stock worth $20,089,000 after acquiring an additional 5,424 shares in the last quarter. XTX Topco Ltd increased its position in shares of Allegiant Travel by 15.0% in the 3rd quarter. XTX Topco Ltd now owns 17,491 shares of the transportation company’s stock worth $963,000 after purchasing an additional 2,279 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Allegiant Travel by 1.7% in the 3rd 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 in the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

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.