Allegiant Travel (NASDAQ:ALGT) Given New $42.00 Price Target at TD Cowen

Allegiant Travel (NASDAQ:ALGT) had its price objective upped by TD Cowen from $33.00 to $42.00 in a report published on Thursday, MarketBeat reports. The firm currently has a hold rating on the transportation company’s stock.

A number of other analysts have also commented on ALGT. Deutsche Bank Aktiengesellschaft lowered 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 research note on Monday, July 8th. Barclays cut their target price 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. Morgan Stanley decreased their price target on shares of Allegiant Travel from $95.00 to $87.00 and set an equal weight rating for the company in a research note on Monday, July 8th. Susquehanna lowered their target price on Allegiant Travel from $55.00 to $40.00 and set a neutral rating on the stock in a research report on Friday, August 16th. Finally, Evercore ISI decreased their price objective 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $61.25.

Allegiant Travel Stock Performance

NASDAQ ALGT opened at $57.81 on Thursday. Allegiant Travel has a 12-month low of $36.08 and a 12-month high of $85.91. The firm has a 50-day moving average price of $44.37 and a two-hundred day moving average price of $51.86. The company has a market capitalization of $1.05 billion, a P/E ratio of 18.29, a P/E/G ratio of 6.10 and a beta of 1.65. The company has a quick ratio of 0.71, a current ratio of 0.74 and a debt-to-equity ratio of 1.30.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings data 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 firm had revenue of $666.28 million for the quarter, compared to analyst estimates of $657.74 million. Allegiant Travel had a positive return on equity of 3.48% and a negative net margin of 0.57%. The company’s revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company earned $4.35 EPS. Analysts anticipate that Allegiant Travel will post 0.97 earnings per share for the current year.

Insiders Place Their Bets

In other Allegiant Travel news, Director Gary Ellmer sold 1,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 7,490 shares in the company, valued at $337,050. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 1,699 shares of company stock valued at $77,350. Company insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ALGT. Donald Smith & CO. Inc. increased its holdings in Allegiant Travel by 166.7% in the 2nd quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company’s stock worth $41,506,000 after acquiring an additional 516,545 shares during the last quarter. Clearbridge Investments LLC purchased a new position in shares of Allegiant Travel in the second quarter worth about $8,959,000. Millennium Management LLC raised its position in shares of Allegiant Travel by 779.8% in the second quarter. Millennium Management LLC now owns 169,459 shares of the transportation company’s stock valued at $8,512,000 after purchasing an additional 150,197 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Allegiant Travel during the 2nd quarter valued at approximately $4,263,000. Finally, Interval Partners LP bought a new position in Allegiant Travel in the 1st quarter worth approximately $5,641,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.

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.