Allegiant Travel (NASDAQ:ALGT) Shares Up 9.7% - What's Next?

Key Points

• Allegiant Travel's shares surged by 9.7% to a recent trading price of $53.80, despite a significant drop in trading volume compared to average levels.
• Positive quarterly earnings were reported with an EPS of $1.23, surpassing analyst estimates of $0.83, along with a year-over-year revenue increase of 3.5% to $689.40 million.
• Analysts have mixed views on the stock, with a consensus rating of "Hold" and target prices ranging from $50.00 to $80.00, indicating cautious optimism about its future performance.

Allegiant Travel Company (NASDAQ:ALGT - Get Free Report)'s stock price shot up 9.7% on Tuesday . The company traded as high as $52.12 and last traded at $53.80. 50,858 shares were traded during trading, a decline of 89% from the average session volume of 443,442 shares. The stock had previously closed at $49.04.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ALGT. Barclays dropped 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 report on Thursday, May 8th. UBS Group dropped their price objective on shares of Allegiant Travel from $59.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. TD Cowen increased their price objective on shares of Allegiant Travel from $35.00 to $50.00 and gave the stock a "hold" rating in a report on Monday, May 12th. Susquehanna reaffirmed a "neutral" rating and issued a $50.00 price objective (up previously from $45.00) on shares of Allegiant Travel in a report on Tuesday, August 5th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $80.00 target price (down previously from $90.00) on shares of Allegiant Travel in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $64.33.

Allegiant Travel Stock Up 14.2%

The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.07 and a current ratio of 1.10. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -3.50, a P/E/G ratio of 0.45 and a beta of 1.72. The stock's fifty day simple moving average is $53.38 and its two-hundred day simple moving average is $58.89.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The transportation company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.40. Allegiant Travel had a negative net margin of 11.10% and a positive return on equity of 5.00%. The company had revenue of $689.40 million during the quarter, compared to the consensus estimate of $685.58 million. During the same period in the prior year, the company earned $0.75 EPS. Allegiant Travel's revenue was up 3.5% on a year-over-year basis. On average, sell-side analysts anticipate that Allegiant Travel Company will post 7.7 EPS for the current year.

Institutional Trading of Allegiant Travel

A number of hedge funds have recently made changes to their positions in ALGT. Farther Finance Advisors LLC lifted its position 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 in the last quarter. Sterling Capital Management LLC lifted its position in shares of Allegiant Travel by 803.6% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company's stock worth $47,000 after purchasing an additional 442 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Allegiant Travel by 376.5% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,034 shares of the transportation company's stock worth $53,000 after purchasing an additional 817 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Allegiant Travel by 58.1% in the second quarter. GAMMA Investing LLC now owns 1,108 shares of the transportation company's stock worth $61,000 after purchasing an additional 407 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Allegiant Travel by 400.8% in the first quarter. CWM LLC now owns 2,559 shares of the transportation company's stock worth $132,000 after purchasing an additional 2,048 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.

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