Bank of America Issues Pessimistic Forecast for Allegiant Travel (NASDAQ:ALGT) Stock Price

Allegiant Travel (NASDAQ:ALGT - Get Free Report) had its price target lowered by equities research analysts at Bank of America from $50.00 to $45.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "underperform" rating on the transportation company's stock. Bank of America's price objective would suggest a potential downside of 23.20% from the company's previous close.

A number of other equities analysts have also issued reports on ALGT. Barclays lowered their target price on shares of 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. Susquehanna lowered their price objective on shares of Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Raymond James Financial reiterated a "strong-buy" rating and issued a $80.00 price objective (down from $90.00) on shares of Allegiant Travel in a research report on Wednesday, May 7th. Evercore ISI upgraded shares of Allegiant Travel from an "in-line" rating to an "outperform" rating and set a $75.00 price objective on the stock in a research report on Tuesday, July 1st. Finally, UBS Group assumed coverage on shares of Allegiant Travel in a research report on Monday. They issued a "neutral" rating and a $59.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $65.11.

Allegiant Travel Stock Up 11.0%

Allegiant Travel stock traded up $5.81 during mid-day trading on Tuesday, hitting $58.59. The company had a trading volume of 730,903 shares, compared to its average volume of 426,212. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.57. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -5.06, a PEG ratio of 0.41 and a beta of 1.71. The business has a fifty day moving average of $54.79 and a 200 day moving average of $66.52. Allegiant Travel has a 1 year low of $36.09 and a 1 year high of $107.57.

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

Institutional Investors Weigh In On Allegiant Travel

Several institutional investors have recently made changes to their positions in ALGT. Mutual of America Capital Management LLC purchased a new stake in shares of Allegiant Travel during the 4th quarter worth $207,000. US Bancorp DE boosted its position in shares of Allegiant Travel by 575.4% in the 4th quarter. US Bancorp DE now owns 5,025 shares of the transportation company's stock worth $473,000 after buying an additional 4,281 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Allegiant Travel by 94.5% in the 4th quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company's stock worth $43,000 after buying an additional 223 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Allegiant Travel by 18.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 304,642 shares of the transportation company's stock worth $28,673,000 after buying an additional 47,186 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Allegiant Travel in the 4th quarter worth about $383,000. 85.81% of the stock is currently owned by hedge funds and other 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.