Bank of America Corp DE Sells 47,084 Shares of Allegiant Travel (NASDAQ:ALGT)

Bank of America Corp DE cut its stake in Allegiant Travel (NASDAQ:ALGT - Free Report) by 52.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,157 shares of the transportation company's stock after selling 47,084 shares during the period. Bank of America Corp DE owned 0.24% of Allegiant Travel worth $4,062,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new stake in Allegiant Travel in the fourth quarter worth $25,000. Jones Financial Companies Lllp grew its stake in shares of 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 in the last quarter. Sterling Capital Management LLC grew its stake in shares of Allegiant Travel by 803.6% in the fourth 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. Signaturefd LLC grew its stake in shares of 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 in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Allegiant Travel in the fourth quarter worth $75,000. 85.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Bank of America decreased their price target on Allegiant Travel from $95.00 to $50.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. Barclays reduced their price objective 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. 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 note on Monday, April 7th. Morgan Stanley reduced their target price on Allegiant Travel from $93.00 to $85.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Finally, TD Cowen upped their target price on Allegiant Travel from $35.00 to $50.00 and gave the company a "hold" rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $63.70.

Allegiant Travel Stock Performance

Shares of NASDAQ:ALGT traded up $0.19 during trading on Friday, hitting $55.88. 441,336 shares of the stock were exchanged, compared to its average volume of 430,080. Allegiant Travel has a 1-year low of $36.09 and a 1-year high of $107.57. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -4.18 and a beta of 1.78. The company's fifty day simple moving average is $50.23 and its 200-day simple moving average is $71.63. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The transportation company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.27. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. The company had revenue of $699.07 million for the quarter, compared to analyst estimates of $700.00 million. During the same quarter last year, the firm earned $0.57 EPS. Allegiant Travel's revenue for the quarter was up 6.5% compared to the same quarter last year. Sell-side analysts expect that Allegiant Travel will post 7.7 EPS for the current fiscal year.

Allegiant Travel 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.