Bank of America Lowers Allegiant Travel (NASDAQ:ALGT) Price Target to $45.00

Allegiant Travel (NASDAQ:ALGT - Get Free Report) had its price objective decreased by research analysts at Bank of America from $50.00 to $45.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "underperform" rating on the transportation company's stock. Bank of America's price objective would indicate a potential downside of 17.60% from the company's previous close.

ALGT has been the subject of several other research reports. UBS Group began coverage on shares of Allegiant Travel in a report on Monday. They issued a "neutral" rating and a $59.00 price target for the company. Evercore ISI upgraded shares of Allegiant Travel from an "in-line" rating to an "outperform" rating and set a $75.00 price target for the company in a report on Tuesday, July 1st. Susquehanna reduced their price target on shares of Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Morgan Stanley reduced 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 report on Monday. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $80.00 price target (down previously from $90.00) on shares of Allegiant Travel in a 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 MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $65.11.

Allegiant Travel Trading Down 6.8%

NASDAQ ALGT traded down $3.98 during trading on Tuesday, reaching $54.61. 345,231 shares of the stock traded hands, compared to its average volume of 426,038. The firm has a market cap of $996.63 million, a price-to-earnings ratio of -4.76, a price-to-earnings-growth ratio of 0.41 and a beta of 1.71. The stock's 50-day moving average price is $54.79 and its 200 day moving average price 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 has a fifty-two week low of $36.09 and a fifty-two week high of $107.57.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last issued its quarterly earnings data 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 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 business's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. Analysts predict that Allegiant Travel will post 7.7 EPS for the current year.

Institutional Trading of Allegiant Travel

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Voya Investment Management LLC raised its position in Allegiant Travel by 112.3% during the first quarter. Voya Investment Management LLC now owns 9,870 shares of the transportation company's stock worth $510,000 after acquiring an additional 5,222 shares in the last quarter. Inspire Investing LLC raised its position in Allegiant Travel by 56.4% during the first quarter. Inspire Investing LLC now owns 6,694 shares of the transportation company's stock worth $346,000 after acquiring an additional 2,415 shares in the last quarter. Strs Ohio bought a new stake in Allegiant Travel during the first quarter worth $589,000. Intech Investment Management LLC raised its position in Allegiant Travel by 798.5% during the first quarter. Intech Investment Management LLC now owns 58,494 shares of the transportation company's stock worth $3,021,000 after acquiring an additional 51,984 shares in the last quarter. Finally, Bayforest Capital Ltd raised its position in Allegiant Travel by 1,630.2% during the first quarter. Bayforest Capital Ltd now owns 11,333 shares of the transportation company's stock worth $585,000 after acquiring an additional 10,678 shares in the last quarter. 85.81% of the stock is owned by 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.