Bank of America Issues Pessimistic Forecast for Allegiant Travel (NASDAQ:ALGT) Stock Price

Allegiant Travel (NASDAQ:ALGT) had its target price cut by Bank of America from $95.00 to $50.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s target price points to a potential downside of 9.83% from the stock’s previous close.

A number of other brokerages also recently commented on ALGT. UBS Group reduced their price objective on shares of Allegiant Travel from $93.00 to $61.00 and set a “neutral” rating for the company in a research note on Thursday, March 20th. The Goldman Sachs Group upped their price objective on Allegiant Travel from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Raymond James upgraded shares of Allegiant Travel from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $125.00 to $90.00 in a report on Wednesday. StockNews.com raised shares of Allegiant Travel from a “sell” rating to a “hold” rating in a research report on Wednesday, January 15th. Finally, TD Cowen lifted their price objective on shares of Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.10.

Allegiant Travel Price Performance

ALGT opened at $55.45 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36. The business’s fifty day simple moving average is $74.24 and its 200-day simple moving average is $74.54. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -4.15 and a beta of 1.64. Allegiant Travel has a 12-month low of $36.09 and a 12-month high of $107.57.

Allegiant Travel (NASDAQ:ALGT) last posted its 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%. On average, equities research analysts anticipate that Allegiant Travel will post 7.7 earnings per share for the current fiscal year.

Institutional Trading of Allegiant Travel

Large investors have recently bought and sold shares of the stock. Crews Bank & Trust purchased a new position in shares of Allegiant Travel in the fourth quarter worth $25,000. Jones Financial Companies Lllp raised its stake in Allegiant Travel by 94.5% in the 4th quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company’s stock worth $43,000 after acquiring an additional 223 shares during the last quarter. Sterling Capital Management LLC lifted its position in Allegiant Travel by 803.6% during the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company’s stock worth $47,000 after acquiring an additional 442 shares during the period. Signaturefd LLC grew its stake in Allegiant Travel by 30.3% during the 4th quarter. Signaturefd LLC now owns 594 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 138 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Allegiant Travel by 53.5% in the fourth quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock valued at $64,000 after purchasing an additional 236 shares during the period. Hedge funds and other institutional investors own 85.81% of the company’s stock.

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.