Short Interest in Allegiant Travel (NASDAQ:ALGT) Declines By 9.4%

Allegiant Travel (NASDAQ:ALGT) was the target of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 987,300 shares, a drop of 9.4% from the December 31st total of 1,090,000 shares. Based on an average daily trading volume, of 380,100 shares, the days-to-cover ratio is presently 2.6 days. Currently, 6.9% of the company’s stock are short sold.

Allegiant Travel Price Performance

Shares of NASDAQ ALGT traded down $1.63 during midday trading on Friday, reaching $102.43. The company’s stock had a trading volume of 251,317 shares, compared to its average volume of 259,059. The company has a market cap of $1.88 billion, a P/E ratio of -68.29, a P/E/G ratio of 1.37 and a beta of 1.62. Allegiant Travel has a fifty-two week low of $36.08 and a fifty-two week high of $107.57. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The business’s 50 day moving average price is $92.11 and its two-hundred day moving average price is $66.66.

Wall Street Analyst Weigh In

ALGT has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price target on Allegiant Travel from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Morgan Stanley boosted their target price on Allegiant Travel from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 11th. Wolfe Research downgraded Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. Bank of America upped their price objective on shares of Allegiant Travel from $54.00 to $95.00 and gave the company an “underperform” rating in a report on Friday, January 17th. Finally, Barclays lifted their target price on shares of Allegiant Travel from $85.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $79.60.

Insider Activity at Allegiant Travel

In related news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $84.46, for a total value of $2,391,822.74. Following the completion of the transaction, the chairman now directly owns 2,147,730 shares of the company’s stock, valued at approximately $181,397,275.80. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total transaction of $28,269.50. Following the sale, the director now directly owns 11,650 shares in the company, 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. 15.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. U S Global Investors Inc. grew its stake in Allegiant Travel by 51.9% during the third quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company’s stock worth $40,823,000 after buying an additional 253,198 shares in the last quarter. Clearbridge Investments LLC bought a new stake in shares of Allegiant Travel during the 2nd quarter worth approximately $8,959,000. Donald Smith & CO. Inc. boosted its position 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 worth $54,701,000 after acquiring an additional 167,148 shares in the last quarter. Millennium Management LLC increased its stake in 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 acquiring an additional 150,197 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Allegiant Travel during the third quarter valued at approximately $63,540,000. Institutional investors own 85.81% of the company’s stock.

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.