Allegiant Travel (NASDAQ:ALGT) Hits New 12-Month High After Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT)’s share price hit a new 52-week high during trading on Thursday 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 $87.67 and last traded at $86.70, with a volume of 387764 shares changing hands. The stock had previously closed at $82.78.

Several other brokerages also recently issued reports on ALGT. Susquehanna raised their price objective on shares of Allegiant Travel from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. UBS Group assumed coverage on Allegiant Travel in a report on Tuesday, November 26th. They set a “neutral” rating and a $16.00 price target on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $83.00 price objective on shares of Allegiant Travel in a research note 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 research note on Thursday, November 14th. Finally, Wolfe Research cut Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Nine investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $65.78.

Insider Activity

In related news, 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 sale, the director now owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. The trade was a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Keny Frank Wilper sold 635 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total transaction of $39,808.15. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,600 shares of company stock valued at $2,476,465 in the last three months. 15.80% of the stock is currently owned by company insiders.

Institutional Trading of Allegiant Travel

A number of institutional investors have recently bought and sold shares of ALGT. Signaturefd LLC raised its position in Allegiant Travel by 149.2% during the third quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock worth $25,000 after acquiring an additional 273 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Allegiant Travel by 136.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock worth $29,000 after purchasing an additional 304 shares during the last quarter. Innealta Capital LLC purchased a new stake in Allegiant Travel in the 2nd quarter valued at approximately $34,000. CWM LLC grew its holdings in Allegiant Travel by 275.1% during the 2nd quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock valued at $64,000 after buying an additional 930 shares during the last quarter. Finally, NBC Securities Inc. increased its position in Allegiant Travel by 2,827.9% during the third quarter. NBC Securities Inc. now owns 1,259 shares of the transportation company’s stock worth $69,000 after buying an additional 1,216 shares in the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

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 fifty day moving average price of $71.21 and a two-hundred day moving average price of $55.66. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -56.60, a PEG ratio of 7.17 and a beta of 1.67.

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.