Allegiant Travel (NASDAQ:ALGT) Stock Price 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 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.

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

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.