Allegiant Travel (NASDAQ:ALGT) Shares Gap Down After Analyst Downgrade

Allegiant Travel (NASDAQ:ALGT) gapped down before the market opened on Monday after UBS Group lowered their price target on the stock from $61.00 to $45.00. The stock had previously closed at $46.55, but opened at $41.41. UBS Group currently has a neutral rating on the stock. Allegiant Travel shares last traded at $41.74, with a volume of 60,174 shares trading hands.

Several other equities analysts have also recently commented on the company. Bank of America reduced their target price on Allegiant Travel from $95.00 to $50.00 and set an “underperform” rating for the company in a research report on Thursday. Raymond James raised Allegiant Travel from an “outperform” rating to a “strong-buy” rating and cut their price objective for the stock from $125.00 to $90.00 in a report on Wednesday, April 2nd. Morgan Stanley raised their target price on shares of Allegiant Travel from $90.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. TD Cowen boosted their price target on shares of Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a research note on Tuesday, December 17th. Finally, Susquehanna cut their price objective on Allegiant Travel from $95.00 to $50.00 and set a “neutral” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.00.

Institutional Trading of Allegiant Travel

Several hedge funds have recently made changes to their positions in ALGT. Nisa Investment Advisors LLC raised its stake in shares of Allegiant Travel by 1,614.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 9,017 shares of the transportation company’s stock valued at $849,000 after acquiring an additional 8,491 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Allegiant Travel by 41.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 257,456 shares of the transportation company’s stock worth $14,176,000 after purchasing an additional 75,486 shares during the last quarter. State Street Corp boosted its position in shares of Allegiant Travel by 1.7% during the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock valued at $33,530,000 after buying an additional 10,050 shares during the period. US Bancorp DE grew its stake in shares of Allegiant Travel by 575.4% during the fourth quarter. US Bancorp DE now owns 5,025 shares of the transportation company’s stock valued at $473,000 after buying an additional 4,281 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Allegiant Travel by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 364,755 shares of the transportation company’s stock worth $20,089,000 after acquiring an additional 5,424 shares during the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

Allegiant Travel Trading Down 1.4 %

The stock has a fifty day moving average of $72.05 and a 200-day moving average of $74.84. The company has a market cap of $842.08 million, a PE ratio of -3.43 and a beta of 1.57. 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 (NASDAQ:ALGT) last posted its quarterly 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 negative net margin of 9.56% and a positive return on equity of 3.33%. Sell-side analysts anticipate that Allegiant Travel will post 7.7 EPS for the current fiscal year.

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.