Allegiant Travel (NASDAQ:ALGT) Reaches New 52-Week High Following Analyst Upgrade

Shares of Allegiant Travel (NASDAQ:ALGT) reached a new 52-week high during mid-day trading on Tuesday after Raymond James raised their price target on the stock from $75.00 to $110.00. Raymond James currently has an outperform rating on the stock. Allegiant Travel traded as high as $94.53 and last traded at $94.38, with a volume of 174349 shares trading hands. The stock had previously closed at $92.24.

Several other brokerages have also recently issued reports on ALGT. TD Cowen increased their price target on shares of Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, December 17th. StockNews.com cut Allegiant Travel from a “hold” rating to a “sell” rating in a research note on Friday, December 27th. UBS Group initiated coverage on Allegiant Travel in a research note on Tuesday, November 26th. They set a “neutral” rating and a $16.00 target price for the company. The Goldman Sachs Group restated a “neutral” rating and set a $83.00 price target on shares of Allegiant Travel in a report on Friday, November 15th. Finally, Wolfe Research cut Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $69.11.

Insider Buying and Selling at Allegiant Travel

In other Allegiant Travel news, COO Keny Frank Wilper sold 635 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total transaction 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 document filed with the SEC, which is available at the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the company’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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,600 shares of company stock worth $2,476,465 over the last three months. 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 bought and sold shares of the company. Signaturefd LLC boosted its stake in Allegiant Travel by 149.2% in the 3rd quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock valued at $25,000 after buying an additional 273 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in Allegiant Travel by 136.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock valued at $29,000 after buying an additional 304 shares during the period. Privium Fund Management UK Ltd boosted its stake in shares of Allegiant Travel by 3.5% during the 3rd quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company’s stock valued at $581,000 after purchasing an additional 358 shares in the last quarter. SeaCrest Wealth Management LLC increased its position in shares of Allegiant Travel by 8.1% during the third quarter. SeaCrest Wealth Management LLC now owns 6,010 shares of the transportation company’s stock valued at $331,000 after buying an additional 450 shares during the period. Finally, Inspire Investing LLC raised its stake in Allegiant Travel by 8.1% in the third quarter. Inspire Investing LLC now owns 7,490 shares of the transportation company’s stock worth $412,000 after buying an additional 562 shares in the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

Allegiant Travel Stock Up 2.0 %

The company’s fifty day simple moving average is $78.50 and its 200 day simple moving average is $58.93. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $1.73 billion, a PE ratio of -62.75, a price-to-earnings-growth ratio of 7.17 and a beta of 1.67.

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.