Allegiant Travel (NASDAQ:ALGT) Stock Price Down 9.1% – Here’s Why

Allegiant Travel (NASDAQ:ALGT)’s share price fell 9.1% during trading on Monday . The stock traded as low as $53.00 and last traded at $55.25. 369,692 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 385,020 shares. The stock had previously closed at $60.76.

Wall Street Analyst Weigh In

ALGT has been the subject of several research reports. Raymond James increased their price target on Allegiant Travel from $75.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, December 30th. UBS Group initiated coverage on shares of Allegiant Travel in a research note on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 target price for the company. TD Cowen raised their price target on Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, December 17th. Susquehanna raised their price target on shares of Allegiant Travel from $60.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Finally, Bank of America boosted their price objective on Allegiant Travel from $54.00 to $95.00 and gave the stock an “underperform” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $80.10.

Allegiant Travel Trading Up 0.3 %

The firm has a market capitalization of $1.02 billion, a PE ratio of -4.26 and a beta of 1.64. The firm’s 50-day simple moving average is $88.81 and its 200-day simple moving average is $73.35. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings results on Tuesday, February 4th. The transportation company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $1.62. Allegiant Travel had a negative net margin of 9.56% and a positive return on equity of 3.33%. Equities analysts expect that Allegiant Travel will post 7.7 earnings per share for the current year.

Institutional Investors Weigh In On Allegiant Travel

Large investors have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. bought a new position in Allegiant Travel in the fourth quarter worth about $26,067,000. Emerald Advisers LLC purchased a new position in shares of Allegiant Travel during the 4th quarter worth approximately $22,256,000. Voloridge Investment Management LLC bought a new position in shares of Allegiant Travel in the 4th quarter worth approximately $16,713,000. Mesirow Institutional Investment Management Inc. purchased a new position in shares of Allegiant Travel in the 4th quarter valued at approximately $13,830,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Allegiant Travel by 16.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 928,641 shares of the transportation company’s stock valued at $87,404,000 after purchasing an additional 131,561 shares in the last quarter. 85.81% of the stock is currently owned by institutional investors.

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.