Short Interest in Allegiant Travel (NASDAQ:ALGT) Declines By 12.1%

Allegiant Travel (NASDAQ:ALGT) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 1,230,000 shares, a decline of 12.1% from the November 15th total of 1,400,000 shares. Currently, 7.9% of the shares of the stock are short sold. Based on an average trading volume of 417,400 shares, the days-to-cover ratio is currently 2.9 days.

Allegiant Travel Stock Performance

Shares of ALGT stock opened at $84.90 on Friday. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of -56.60, a price-to-earnings-growth ratio of 7.17 and a beta of 1.67. The company has a 50 day moving average price of $71.21 and a 200 day moving average price of $55.70. Allegiant Travel has a one year low of $36.08 and a one year high of $94.45. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75.

Analyst Ratings Changes

A number of equities research analysts have commented on ALGT shares. Morgan Stanley increased their target price on Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday. Barclays increased their price objective on Allegiant Travel from $50.00 to $75.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. The Goldman Sachs Group reissued a “neutral” rating and issued a $83.00 target price on shares of Allegiant Travel in a research note on Friday, November 15th. Wolfe Research cut shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Susquehanna lifted their price target on shares of Allegiant Travel from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Allegiant Travel currently has a consensus rating of “Hold” and an average target price of $65.78.

Insider Transactions at Allegiant Travel

In related news, COO Keny Frank Wilper sold 635 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares in the company, valued at $1,025,169.57. The trade was a 3.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sandra Douglass Morgan sold 350 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total transaction of $28,269.50. Following the transaction, the director now owns 11,650 shares of the company’s stock, valued at $940,970.50. This trade represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,600 shares of company stock valued at $2,476,465 in the last quarter. 15.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ALGT. Franklin Resources Inc. increased its stake in Allegiant Travel by 2.5% during the third quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock worth $34,584,000 after acquiring an additional 14,852 shares during the last quarter. Barclays PLC increased its position in Allegiant Travel by 136.9% during the 3rd quarter. Barclays PLC now owns 31,876 shares of the transportation company’s stock worth $1,755,000 after purchasing an additional 18,421 shares in the last quarter. Geode Capital Management LLC increased its position in 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 purchasing an additional 5,424 shares in the last quarter. XTX Topco Ltd raised its holdings in Allegiant Travel by 15.0% in the third quarter. XTX Topco Ltd now owns 17,491 shares of the transportation company’s stock valued at $963,000 after buying an additional 2,279 shares during the period. Finally, State Street Corp lifted its position in 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 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.