Allegiant Travel (NASDAQ:ALGT) Shares Down 5.3%

Allegiant Travel (NASDAQ:ALGT)’s stock price dropped 5.3% on Tuesday . The company traded as low as $39.18 and last traded at $39.46. Approximately 39,492 shares traded hands during trading, a decline of 89% from the average daily volume of 347,852 shares. The stock had previously closed at $41.65.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ALGT. Deutsche Bank Aktiengesellschaft cut shares of Allegiant Travel from a “buy” rating to a “hold” rating and cut their price target for the company from $75.00 to $53.00 in a report on Monday, July 8th. Evercore ISI reduced their target price on Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating for the company in a report on Monday, July 15th. Susquehanna lowered their price target on Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Barclays dropped their price objective on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Morgan Stanley decreased their target price on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $59.50.

Allegiant Travel Stock Down 3.9 %

The company’s 50-day moving average price is $44.95 and its 200 day moving average price is $54.97. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.71 and a current ratio of 0.74. The stock has a market cap of $732.37 million, a PE ratio of 12.67, a price-to-earnings-growth ratio of 7.92 and a beta of 1.64.

Allegiant Travel (NASDAQ:ALGT) last issued its quarterly earnings results on Wednesday, July 31st. The transportation company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.93. The business had revenue of $666.28 million during the quarter, compared to analysts’ expectations of $657.74 million. Allegiant Travel had a positive return on equity of 3.48% and a negative net margin of 0.57%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.35 earnings per share. As a group, analysts forecast that Allegiant Travel will post 0.66 EPS for the current fiscal year.

Insider Activity at Allegiant Travel

In related news, Director Gary Ellmer sold 1,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.00, for a total transaction of $45,000.00. Following the sale, the director now owns 7,490 shares in the company, valued at approximately $337,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 17.50% of the stock is owned by insiders.

Institutional Trading of Allegiant Travel

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Interval Partners LP purchased a new stake in shares of Allegiant Travel during the first quarter valued at $5,641,000. Franklin Resources Inc. boosted its position in Allegiant Travel by 15.4% in the 4th quarter. Franklin Resources Inc. now owns 620,180 shares of the transportation company’s stock valued at $51,233,000 after buying an additional 82,813 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Allegiant Travel in the 1st quarter worth about $1,306,000. First Eagle Investment Management LLC increased its position in shares of Allegiant Travel by 57.5% during the first quarter. First Eagle Investment Management LLC now owns 103,513 shares of the transportation company’s stock worth $7,785,000 after acquiring an additional 37,800 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Allegiant Travel by 369.1% during the first quarter. BNP Paribas Financial Markets now owns 23,874 shares of the transportation company’s stock valued at $1,796,000 after acquiring an additional 18,785 shares in the last quarter. 85.81% of the stock is owned by hedge funds and other institutional investors.

About Allegiant Travel

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.