Bank of America Lowers Allegiant Travel (NASDAQ:ALGT) Price Target to $50.00

Allegiant Travel (NASDAQ:ALGT) had its price target decreased by equities research analysts at Bank of America from $95.00 to $50.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s price target indicates a potential downside of 9.83% from the stock’s current price.

ALGT has been the subject of several other reports. StockNews.com raised shares of Allegiant Travel from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th. Barclays lifted their price objective on shares of Allegiant Travel from $85.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. UBS Group lowered their target price on shares of Allegiant Travel from $93.00 to $61.00 and set a “neutral” rating on the stock in a research note on Thursday, March 20th. Morgan Stanley lifted their price target on Allegiant Travel from $90.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. Finally, TD Cowen increased their price target on Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Allegiant Travel presently has an average rating of “Hold” and an average price target of $78.10.

Allegiant Travel Price Performance

NASDAQ:ALGT opened at $55.45 on Thursday. The firm’s fifty day moving average is $74.24 and its two-hundred day moving average is $74.54. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -4.15 and a beta of 1.64. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. Allegiant Travel has a one year low of $36.09 and a one year high of $107.57.

Allegiant Travel (NASDAQ:ALGT) last issued its earnings results on Tuesday, February 4th. The transportation company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $1.62. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. Research analysts expect that Allegiant Travel will post 7.7 EPS for the current year.

Hedge Funds Weigh In On Allegiant Travel

Hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new position in shares of Allegiant Travel in the fourth quarter valued at approximately $3,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Allegiant Travel in the 4th quarter valued at $655,000. Voloridge Investment Management LLC purchased a new position in Allegiant Travel in the 4th quarter valued at $16,713,000. Woodline Partners LP acquired a new stake in Allegiant Travel during the 4th quarter worth $5,372,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Allegiant Travel during the fourth quarter worth $438,000. Institutional investors and hedge funds own 85.81% of the company’s stock.

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.