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

Allegiant Travel logo with Transportation background

Allegiant Travel Company (NASDAQ:ALGT - Get Free Report) shares fell 7.5% during mid-day 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. 402,090 shares changed hands during mid-day trading, a decline of 6% from the average session volume of 427,995 shares. The stock had previously closed at $60.29.

Other equities analysts have also recently issued reports about the company. TD Cowen increased their price target on Allegiant Travel from $35.00 to $50.00 and gave the company a "hold" rating in a report on Monday, May 12th. Morgan Stanley dropped their price target on shares of Allegiant Travel from $85.00 to $83.00 and set an "equal weight" rating for the company in a research report on Monday. Barclays cut their target price on 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. Susquehanna cut their target price on shares of Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Finally, UBS Group started coverage on Allegiant Travel in a research note on Monday. They issued a "neutral" rating and a $59.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $63.90.

Check Out Our Latest Stock Analysis on Allegiant Travel

Institutional Trading of Allegiant Travel

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALGT. Farther Finance Advisors LLC lifted its holdings in Allegiant Travel by 489.1% during the 1st quarter. Farther Finance Advisors LLC now owns 542 shares of the transportation company's stock valued at $28,000 after buying an additional 450 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Allegiant Travel by 94.5% in the fourth quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company's stock valued at $43,000 after acquiring an additional 223 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Allegiant Travel by 803.6% in the 4th 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 boosted its holdings in 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 acquiring an additional 817 shares in the last quarter. Finally, Signaturefd LLC grew its position in Allegiant Travel by 30.3% during the 4th quarter. Signaturefd LLC now owns 594 shares of the transportation company's stock worth $56,000 after purchasing an additional 138 shares during the last quarter. 85.81% of the stock is owned by hedge funds and other institutional investors.

Allegiant Travel Stock Up 0.6%

The business's fifty day moving average price is $54.30 and its two-hundred day moving average price is $66.90. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.90 and a quick ratio of 0.87. The stock has a market capitalization of $1.02 billion, a PE ratio of -4.82, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71.

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

About Allegiant Travel

(Get Free Report)

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.

Further Reading

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