Allegiant Travel (NASDAQ:ALGT) Hits New 52-Week High on Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT)’s stock price reached a new 52-week high during mid-day trading on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock traded as high as $103.50 and last traded at $103.30, with a volume of 15178 shares traded. The stock had previously closed at $100.97.

ALGT has been the subject of several other research reports. The Goldman Sachs Group raised their target price on Allegiant Travel from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday. Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. Evercore ISI increased their price target on Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a research report on Thursday, October 3rd. UBS Group began coverage on Allegiant Travel in a research report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price target for the company. Finally, Morgan Stanley increased their price target on Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. Ten analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $75.11.

Insider Transactions at Allegiant Travel

In other news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the stock in a transaction dated 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 transaction, the chairman now owns 2,147,730 shares of the company’s stock, valued at approximately $181,397,275.80. This represents a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sandra Douglass Morgan sold 350 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total value of $28,269.50. Following the transaction, the director now directly owns 11,650 shares in the company, valued at approximately $940,970.50. This represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,304 shares of company stock valued at $2,459,900 in the last three months. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Donald Smith & CO. Inc. increased its holdings in shares of Allegiant Travel by 20.2% during the 3rd quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company’s stock valued at $54,701,000 after acquiring an additional 167,148 shares during the last quarter. U S Global Investors Inc. increased its holdings in shares of Allegiant Travel by 51.9% during the 3rd quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company’s stock valued at $40,823,000 after acquiring an additional 253,198 shares during the last quarter. State Street Corp increased its holdings in shares of Allegiant Travel by 1.7% during the 3rd quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock valued at $33,530,000 after acquiring an additional 10,050 shares during the last quarter. Franklin Resources Inc. grew its holdings in Allegiant Travel by 2.5% in the 3rd quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock valued at $34,584,000 after buying an additional 14,852 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Allegiant Travel by 15.1% in the 2nd quarter. American Century Companies Inc. now owns 428,787 shares of the transportation company’s stock valued at $21,538,000 after buying an additional 56,208 shares during the last quarter. Institutional investors and hedge funds own 85.81% of the company’s stock.

Allegiant Travel Price Performance

The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -68.83, a price-to-earnings-growth ratio of 7.17 and a beta of 1.62. The stock has a fifty day simple moving average of $83.95 and a 200-day simple moving average of $61.53. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36.

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.