Allegiant Travel (NASDAQ:ALGT) Reaches New 52-Week High After Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT) reached a new 52-week high during trading on Tuesday after Raymond James raised their price target on the stock from $75.00 to $110.00. Raymond James currently has an outperform rating on the stock. Allegiant Travel traded as high as $94.53 and last traded at $94.38, with a volume of 174349 shares trading hands. The stock had previously closed at $92.24.

A number of other equities analysts also recently commented on ALGT. Barclays lifted their target price on shares of Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 14th. Morgan Stanley upped their price objective on Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Wolfe Research cut Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Evercore ISI upped their price target on Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a research note on Thursday, October 3rd. Finally, TD Cowen raised their price objective on Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $69.11.

Insider Activity at Allegiant Travel

In related news, COO Keny Frank Wilper sold 635 shares of Allegiant Travel stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the completion of the transaction, the chief operating officer now owns 16,353 shares in the company, valued at approximately $1,025,169.57. The trade was a 3.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $2,391,822.74. Following the sale, the chairman now directly owns 2,147,730 shares in the company, valued at approximately $181,397,275.80. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,600 shares of company stock worth $2,476,465 in the last three months. 15.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC raised its position in Allegiant Travel by 149.2% in the 3rd quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock valued at $25,000 after purchasing an additional 273 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Allegiant Travel by 136.9% in 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 during the last quarter. Privium Fund Management UK Ltd lifted its position in shares of Allegiant Travel by 3.5% during the 3rd quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company’s stock worth $581,000 after purchasing an additional 358 shares during the last quarter. SeaCrest Wealth Management LLC grew its stake in shares of Allegiant Travel by 8.1% during the third quarter. SeaCrest Wealth Management LLC now owns 6,010 shares of the transportation company’s stock worth $331,000 after purchasing an additional 450 shares in the last quarter. Finally, Inspire Investing LLC increased its holdings in Allegiant Travel by 8.1% in the third quarter. Inspire Investing LLC now owns 7,490 shares of the transportation company’s stock valued at $412,000 after buying an additional 562 shares during the last quarter. 85.81% of the stock is owned by institutional investors and hedge funds.

Allegiant Travel Stock Performance

The stock has a 50 day simple moving average of $77.26 and a two-hundred day simple moving average of $58.38. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -62.99, a PEG ratio of 7.17 and a beta of 1.67. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72.

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.