Allegiant Travel (NASDAQ:ALGT) Trading Down 7.5% on Analyst Downgrade

Allegiant Travel Company (NASDAQ:ALGT - Get Free Report) shares fell 7.5% during mid-day trading on Monday after Morgan Stanley lowered their price target on the stock from $85.00 to $83.00. Morgan Stanley currently has an equal weight rating on the stock. Allegiant Travel traded as low as $55.93 and last traded at $55.78. 402,090 shares changed hands during trading, a decline of 6% from the average session volume of 427,995 shares. The stock had previously closed at $60.29.

A number of other brokerages have also recently issued reports on ALGT. Evercore ISI upgraded Allegiant Travel from an "in-line" rating to an "outperform" rating and set a $75.00 target price on the stock in a report on Tuesday, July 1st. Susquehanna dropped their target price on Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Barclays dropped their target price on 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. Bank of America decreased their price target on 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, Raymond James Financial reiterated a "strong-buy" rating and set a $80.00 target price (down from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Allegiant Travel has a consensus rating of "Hold" and an average target price of $64.40.

Institutional Trading of Allegiant Travel

Several large investors have recently added to or reduced their stakes in ALGT. SG Americas Securities LLC acquired a new stake in shares of Allegiant Travel in the 1st quarter valued at approximately $597,000. Russell Investments Group Ltd. lifted its stake in shares of Allegiant Travel by 1,486.7% during the fourth quarter. Russell Investments Group Ltd. now owns 1,904 shares of the transportation company's stock worth $179,000 after purchasing an additional 1,784 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in Allegiant Travel by 33.8% during the first quarter. Illinois Municipal Retirement Fund now owns 9,826 shares of the transportation company's stock valued at $508,000 after buying an additional 2,480 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Allegiant Travel by 18.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 304,642 shares of the transportation company's stock valued at $28,673,000 after purchasing an additional 47,186 shares during the last quarter. Finally, US Bancorp DE increased its position in Allegiant Travel by 575.4% in the 4th quarter. US Bancorp DE now owns 5,025 shares of the transportation company's stock valued at $473,000 after acquiring an additional 4,281 shares during the period. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

Allegiant Travel Trading Down 6.9%

The business has a 50 day simple moving average of $54.11 and a 200-day simple moving average of $67.11. The stock has a market capitalization of $1.03 billion, a P/E ratio of -4.86, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.87 and a current ratio of 0.90.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last released its earnings results on Tuesday, May 6th. The transportation company reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.27. The company had revenue of $699.07 million during the quarter, compared to analyst estimates of $700.00 million. Allegiant Travel had a positive return on equity of 5.46% and a negative net margin of 8.11%. The company's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. On average, analysts predict that Allegiant Travel Company will post 7.7 EPS for the current year.

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.

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