Allegiant Travel (NASDAQ:ALGT) Stock Price Down 10.6% – What’s Next?

Allegiant Travel (NASDAQ:ALGT) shares dropped 10.6% during trading on Wednesday . The stock traded as low as $89.01 and last traded at $88.58. Approximately 87,871 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 295,973 shares. The stock had previously closed at $99.11.

Analysts Set New Price Targets

ALGT has been the subject of a number of analyst reports. TD Cowen lifted their price target on Allegiant Travel from $50.00 to $70.00 and gave the company a “hold” rating in a research note on Tuesday, December 17th. UBS Group started coverage on shares of Allegiant Travel in a report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price target on the stock. Barclays lifted their price target on shares of Allegiant Travel from $85.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Raymond James boosted their target price on shares of Allegiant Travel from $75.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, December 30th. Finally, Morgan Stanley boosted their target price on shares of Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $79.60.

Allegiant Travel Stock Down 13.2 %

The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -56.78, a PEG ratio of 1.36 and a beta of 1.63. The business’s 50 day moving average price is $92.76 and its 200 day moving average price is $67.57. 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 announced 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 0.63% and a negative net margin of 1.04%. On average, equities analysts forecast that Allegiant Travel will post 2.43 EPS for the current year.

Insider Buying and Selling at Allegiant Travel

In other news, Director Sandra Douglass Morgan sold 350 shares of the company’s 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 sale, the director now owns 11,650 shares in the company, valued at $940,970.50. This represents a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $84.46, for a total value of $2,391,822.74. Following the sale, the chairman now owns 2,147,730 shares of the company’s stock, valued at $181,397,275.80. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. 15.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Allegiant Travel

Several large investors have recently modified their holdings of ALGT. Signaturefd LLC boosted its stake in shares of Allegiant Travel by 149.2% during the third quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock valued at $25,000 after acquiring an additional 273 shares during the last quarter. Crews Bank & Trust acquired a new stake in Allegiant Travel during the 4th quarter valued at approximately $25,000. Nisa Investment Advisors LLC grew its stake in Allegiant Travel by 136.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock valued at $29,000 after purchasing an additional 304 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Allegiant Travel by 53.5% in the 4th quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock worth $64,000 after acquiring an additional 236 shares in the last quarter. Finally, NBC Securities Inc. lifted its holdings in shares of Allegiant Travel by 2,827.9% in the 3rd quarter. NBC Securities Inc. now owns 1,259 shares of the transportation company’s stock worth $69,000 after purchasing an additional 1,216 shares during the last quarter. Hedge funds and other institutional investors 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.