Allegiant Travel (NASDAQ:ALGT) Price Target Lowered to $83.00 at Morgan Stanley

Allegiant Travel (NASDAQ:ALGT - Get Free Report) had its price target cut by stock analysts at Morgan Stanley from $85.00 to $83.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the transportation company's stock. Morgan Stanley's target price suggests a potential upside of 57.26% from the company's previous close.

Other analysts have also issued research reports about the company. Evercore ISI raised Allegiant Travel from an "in-line" rating to an "outperform" rating and set a $75.00 price objective on the stock in a research note on Tuesday, July 1st. Susquehanna reduced their target price on shares of Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Barclays cut their price objective on shares of Allegiant Travel from $60.00 to $52.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Bank of America lowered their target price on shares of Allegiant Travel from $95.00 to $50.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. Finally, TD Cowen lifted their target price on shares of Allegiant Travel from $35.00 to $50.00 and gave the stock a "hold" rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $65.11.

Allegiant Travel Stock Performance

NASDAQ ALGT traded down $1.75 during trading hours on Monday, hitting $52.78. 405,167 shares of the stock were exchanged, compared to its average volume of 427,547. The company has a market cap of $963.24 million, a price-to-earnings ratio of -4.56, a price-to-earnings-growth ratio of 0.43 and a beta of 1.71. Allegiant Travel has a 12-month low of $36.09 and a 12-month high of $107.57. The stock has a 50-day moving average of $54.46 and a 200 day moving average of $66.82. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.57.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The transportation company reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.27. Allegiant Travel had a positive return on equity of 5.46% and a negative net margin of 8.11%. The business had revenue of $699.07 million during the quarter, compared to analysts' expectations of $700.00 million. During the same quarter last year, the business posted $0.57 earnings per share. The business's revenue for the quarter was up 6.5% on a year-over-year basis. As a group, equities research analysts forecast that Allegiant Travel will post 7.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Voya Investment Management LLC increased its stake in Allegiant Travel by 112.3% during the first quarter. Voya Investment Management LLC now owns 9,870 shares of the transportation company's stock worth $510,000 after acquiring an additional 5,222 shares during the last quarter. Inspire Investing LLC lifted its position in Allegiant Travel by 56.4% during the first quarter. Inspire Investing LLC now owns 6,694 shares of the transportation company's stock valued at $346,000 after buying an additional 2,415 shares in the last quarter. Strs Ohio acquired a new position in Allegiant Travel during the first quarter valued at approximately $589,000. Intech Investment Management LLC lifted its position in Allegiant Travel by 798.5% during the first quarter. Intech Investment Management LLC now owns 58,494 shares of the transportation company's stock valued at $3,021,000 after buying an additional 51,984 shares in the last quarter. Finally, Bayforest Capital Ltd lifted its position in Allegiant Travel by 1,630.2% during the first quarter. Bayforest Capital Ltd now owns 11,333 shares of the transportation company's stock valued at $585,000 after buying an additional 10,678 shares in the last quarter. 85.81% of the stock is owned by hedge funds and other institutional investors.

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.