Allegiant Travel (NASDAQ:ALGT) Shares Gap Down - Should You Sell?

Shares of Allegiant Travel (NASDAQ:ALGT - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $53.69, but opened at $51.10. Allegiant Travel shares last traded at $50.19, with a volume of 89,704 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Raymond James reaffirmed a "strong-buy" rating and set a $80.00 price objective (down from $90.00) on shares of Allegiant Travel in a research report on Wednesday, May 7th. UBS Group boosted their price target on shares of Allegiant Travel from $45.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Susquehanna cut their price objective on Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Morgan Stanley lowered their target price on Allegiant Travel from $93.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Finally, Bank of America dropped their target price on Allegiant Travel from $95.00 to $50.00 and set an "underperform" rating on the stock in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Allegiant Travel has an average rating of "Hold" and an average price target of $63.70.

Allegiant Travel Stock Up 6.2%

The company has a market cap of $990.15 million, a price-to-earnings ratio of -4.06 and a beta of 1.74. The business has a 50-day simple moving average of $51.26 and a two-hundred day simple moving average of $70.04. 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 - Get Free Report) last announced its earnings results on Tuesday, May 6th. The transportation company reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.27. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. The firm had revenue of $699.07 million during the quarter, compared to analysts' expectations of $700.00 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. The company's revenue was up 6.5% on a year-over-year basis. As a group, equities analysts forecast that Allegiant Travel will post 7.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its stake in shares of Allegiant Travel by 489.1% in the first quarter. Farther Finance Advisors LLC now owns 542 shares of the transportation company's stock worth $28,000 after purchasing an additional 450 shares during the period. Jones Financial Companies Lllp grew its holdings in Allegiant Travel by 94.5% in the 4th quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company's stock valued at $43,000 after buying an additional 223 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Allegiant Travel by 803.6% during the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company's stock worth $47,000 after buying an additional 442 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Allegiant Travel by 376.5% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,034 shares of the transportation company's stock worth $53,000 after buying an additional 817 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of Allegiant Travel by 30.3% in the fourth quarter. Signaturefd LLC now owns 594 shares of the transportation company's stock valued at $56,000 after acquiring an additional 138 shares during the period. Institutional investors and hedge funds 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.