Allegiant Travel (NASDAQ:ALGT) Shares Down 8.7% – Here’s What Happened

Allegiant Travel (NASDAQ:ALGT) shares dropped 8.7% during mid-day trading on Tuesday . The stock traded as low as $62.48 and last traded at $63.42. Approximately 125,912 shares traded hands during trading, a decline of 67% from the average daily volume of 376,942 shares. The stock had previously closed at $69.48.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ALGT shares. Bank of America raised their price objective on Allegiant Travel from $54.00 to $95.00 and gave the stock an “underperform” rating in a report on Friday, January 17th. The Goldman Sachs Group boosted their price objective on shares of Allegiant Travel from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Susquehanna raised their target price on shares of Allegiant Travel from $60.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. UBS Group assumed coverage on shares of Allegiant Travel in a report on Tuesday, November 26th. They set a “neutral” rating and a $16.00 target price on the stock. Finally, Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Allegiant Travel has an average rating of “Hold” and a consensus price target of $80.10.

Allegiant Travel Trading Down 9.4 %

The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72. The firm has a market cap of $1.15 billion, a P/E ratio of -4.73 and a beta of 1.63. The company’s 50 day moving average is $92.51 and its two-hundred day moving average is $72.52.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings data on Tuesday, February 4th. The transportation company reported $2.10 earnings per share for the quarter, beating 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%. On average, sell-side analysts predict that Allegiant Travel will post 7.7 earnings per share for the current year.

Institutional Investors Weigh In On Allegiant Travel

Institutional investors have recently modified their holdings of the business. Crews Bank & Trust bought a new position in Allegiant Travel during the fourth quarter worth about $25,000. Nisa Investment Advisors LLC grew its stake in Allegiant Travel by 136.9% in the third quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock valued at $29,000 after acquiring an additional 304 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Allegiant Travel by 94.5% in the fourth quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company’s stock worth $43,000 after acquiring an additional 223 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of Allegiant Travel by 803.6% during the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company’s stock worth $47,000 after purchasing an additional 442 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of Allegiant Travel by 30.3% during the 4th quarter. Signaturefd LLC now owns 594 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 138 shares in the last quarter. 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.