Allegiant Travel (NASDAQ:ALGT) Shares Gap Up - Still a Buy?

Shares of Allegiant Travel Company (NASDAQ:ALGT - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $52.78, but opened at $56.01. Allegiant Travel shares last traded at $58.01, with a volume of 139,522 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Raymond James Financial reiterated a "strong-buy" rating and issued a $80.00 price target (down from $90.00) on shares of Allegiant Travel in a research report on Wednesday, May 7th. Bank of America lowered their price target on shares of Allegiant Travel from $50.00 to $45.00 and set an "underperform" rating on the stock in a research report on Tuesday. Barclays decreased their target price on shares of Allegiant Travel from $60.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. TD Cowen increased their price target on Allegiant Travel from $35.00 to $50.00 and gave the stock a "hold" rating in a research note on Monday, May 12th. Finally, Susquehanna reduced their price target on Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Allegiant Travel has an average rating of "Hold" and an average price target of $65.11.

Allegiant Travel Stock Performance

The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.57. The company has a market cap of $994.99 million, a PE ratio of -4.71, a P/E/G ratio of 0.45 and a beta of 1.71. The stock's 50 day simple moving average is $54.87 and its two-hundred day simple moving average is $66.28.

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

Hedge Funds Weigh In On Allegiant Travel

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