Allegiant Travel (NASDAQ:ALGT) Reaches New 52-Week High – Time to Buy?

Allegiant Travel (NASDAQ:ALGT)’s stock price reached a new 52-week high on Monday . The company traded as high as $86.71 and last traded at $86.00, with a volume of 242989 shares. The stock had previously closed at $79.09.

Analysts Set New Price Targets

Several research firms have issued reports on ALGT. Evercore ISI increased their price objective on shares of Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a report on Thursday, October 3rd. Wolfe Research downgraded shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $83.00 price target on shares of Allegiant Travel in a research note on Friday, November 15th. TD Cowen boosted their price objective 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, Barclays boosted their price objective on shares of Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Nine investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Allegiant Travel presently has a consensus rating of “Hold” and an average price target of $65.44.

Allegiant Travel Stock Performance

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 stock has a 50 day simple moving average of $62.89 and a two-hundred day simple moving average of $52.92. The stock has a market capitalization of $1.49 billion, a P/E ratio of -54.01, a P/E/G ratio of 6.95 and a beta of 1.61.

Insider Transactions at Allegiant Travel

In other news, Director Sandra Douglass Morgan sold 350 shares of Allegiant Travel stock in a transaction that occurred 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 directly owns 11,650 shares in the company, valued at approximately $940,970.50. The trade was a 2.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Keny Frank Wilper sold 635 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the completion of the sale, the chief operating officer now owns 16,353 shares of the company’s stock, valued at $1,025,169.57. This trade represents a 3.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,600 shares of company stock worth $2,476,465. 15.80% of the stock is owned by company insiders.

Institutional Trading of Allegiant Travel

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Allegiant Travel by 2.3% in the first quarter. Vanguard Group Inc. now owns 1,749,649 shares of the transportation company’s stock worth $131,591,000 after buying an additional 38,612 shares during the period. Donald Smith & CO. Inc. increased its holdings in Allegiant Travel by 20.2% during the third quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company’s stock valued at $54,701,000 after buying an additional 167,148 shares during the period. Diamond Hill Capital Management Inc. grew its holdings in shares of Allegiant Travel by 1.9% during the second quarter. Diamond Hill Capital Management Inc. now owns 945,839 shares of the transportation company’s stock valued at $47,509,000 after buying an additional 17,792 shares during the last quarter. U S Global Investors Inc. raised its position in shares of Allegiant Travel by 51.9% in the third quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company’s stock worth $40,823,000 after acquiring an additional 253,198 shares during the period. Finally, State Street Corp raised its position in shares of Allegiant Travel by 1.7% in the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock worth $33,530,000 after acquiring an additional 10,050 shares during the period. 85.81% of the stock is owned by hedge funds and other institutional investors.

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.