Allegiant Travel (NASDAQ:ALGT) Reaches New 12-Month High Following Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT)’s stock price hit a new 52-week high 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. The stock had previously closed at $92.24.

ALGT has been the subject of a number of other reports. Morgan Stanley boosted their price target on shares of Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group reissued a “neutral” rating and issued a $83.00 target price on shares of Allegiant Travel in a report on Friday, November 15th. UBS Group assumed coverage on Allegiant Travel in a research note on Tuesday, November 26th. They set a “neutral” rating and a $16.00 price target on the stock. Wolfe Research cut Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Evercore ISI raised their target price on shares of Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $69.11.

Insider Buying and Selling at Allegiant Travel

In other Allegiant Travel news, Director Sandra Douglass Morgan sold 350 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were 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 approximately $940,970.50. The trade was a 2.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Keny Frank Wilper sold 635 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total transaction of $39,808.15. Following the completion of the transaction, the chief operating officer now owns 16,353 shares of the company’s stock, valued at $1,025,169.57. This represents a 3.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,600 shares of company stock valued at $2,476,465. 15.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Allegiant Travel

Several hedge funds have recently bought and sold shares of ALGT. Signaturefd LLC raised its position in shares of Allegiant Travel by 149.2% during the 3rd quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock worth $25,000 after purchasing an additional 273 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Allegiant Travel by 136.9% in the third quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock worth $29,000 after acquiring an additional 304 shares during the last quarter. NBC Securities Inc. raised its position in shares of Allegiant Travel by 2,827.9% in the 3rd quarter. NBC Securities Inc. now owns 1,259 shares of the transportation company’s stock worth $69,000 after buying an additional 1,216 shares during the period. Headlands Technologies LLC boosted its holdings in Allegiant Travel by 170.6% in the second quarter. Headlands Technologies LLC now owns 2,522 shares of the transportation company’s stock valued at $127,000 after acquiring an additional 1,590 shares during the last quarter. Finally, Stifel Financial Corp purchased a new stake in Allegiant Travel during the third quarter valued at about $210,000. 85.81% of the stock is owned by hedge funds and other institutional investors.

Allegiant Travel Price Performance

The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -62.99, a price-to-earnings-growth ratio of 7.17 and a beta of 1.67. The company has a 50 day simple moving average of $77.26 and a 200 day simple moving average of $58.38.

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.