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

Allegiant Travel Company (NASDAQ:ALGT - Get Free Report)'s share price dropped 7.5% during trading on Monday after Bank of America lowered their price target on the stock from $50.00 to $45.00. Bank of America currently has an underperform rating on the stock. Allegiant Travel traded as low as $55.93 and last traded at $55.78. Approximately 402,090 shares traded hands during trading, a decline of 6% from the average daily volume of 427,995 shares. The stock had previously closed at $60.29.

Other analysts have also recently issued research reports about the stock. Barclays dropped their target price 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. 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 dropped their price objective 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. UBS Group initiated coverage on Allegiant Travel in a research note on Monday. They set a "neutral" rating and a $59.00 price objective on the stock. Finally, Morgan Stanley dropped their price objective on Allegiant Travel from $85.00 to $83.00 and set an "equal weight" rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $65.11.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC grew its holdings in Allegiant Travel by 30.3% in the fourth quarter. Signaturefd LLC now owns 594 shares of the transportation company's stock worth $56,000 after purchasing an additional 138 shares during the period. Jones Financial Companies Lllp grew its holdings in Allegiant Travel by 94.5% in the fourth quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company's stock worth $43,000 after purchasing an additional 223 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Allegiant Travel by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,808 shares of the transportation company's stock worth $829,000 after purchasing an additional 292 shares during the period. Picton Mahoney Asset Management lifted its stake in shares of Allegiant Travel by 6.6% in the first quarter. Picton Mahoney Asset Management now owns 5,550 shares of the transportation company's stock valued at $286,000 after buying an additional 344 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Allegiant Travel by 1.1% in the fourth quarter. Legal & General Group Plc now owns 31,767 shares of the transportation company's stock valued at $2,990,000 after buying an additional 348 shares in the last quarter. 85.81% of the stock is owned by institutional investors.

Allegiant Travel Price Performance

The stock has a market capitalization of $1.07 billion, a P/E ratio of -5.06, a price-to-earnings-growth ratio of 0.41 and a beta of 1.71. The business's 50 day simple moving average is $54.79 and its two-hundred day simple moving average is $66.52. 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 released its quarterly earnings data 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 negative net margin of 8.11% and a positive return on equity of 5.46%. The firm had revenue of $699.07 million for the quarter, compared to analyst estimates of $700.00 million. During the same period last year, the firm earned $0.57 earnings per share. The business's quarterly revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Allegiant Travel Company will post 7.7 earnings per share for the current fiscal 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.