Allegiant Travel (NASDAQ:ALGT) Shares Gap Down Following Analyst Downgrade

Thursday, July 22, 2021 | MarketBeat

Allegiant Travel (NASDAQ:ALGT)'s stock price gapped down before the market opened on Thursday after Raymond James lowered their price target on the stock from $290.00 to $260.00. The stock had previously closed at $196.36, but opened at $191.00. Raymond James currently has a strong-buy rating on the stock. Allegiant Travel shares last traded at $194.35, with a volume of 793 shares traded.

Other research analysts also recently issued research reports about the stock. Barclays boosted their price target on shares of Allegiant Travel from $237.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, April 15th. Susquehanna initiated coverage on shares of Allegiant Travel in a research report on Tuesday, July 13th. They issued a "positive" rating and a $245.00 price target on the stock. Morgan Stanley boosted their price target on shares of Allegiant Travel from $325.00 to $326.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 1st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Allegiant Travel from $250.00 to $285.00 and gave the stock a "buy" rating in a research report on Wednesday, April 14th. Finally, Susquehanna Bancshares initiated coverage on shares of Allegiant Travel in a research report on Tuesday, July 13th. They issued a "positive" rating and a $245.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. The company currently has an average rating of "Buy" and an average target price of $242.83.

Hedge funds have recently made changes to their positions in the business. Harvest Fund Management Co. Ltd bought a new stake in Allegiant Travel during the 1st quarter valued at $43,000. Captrust Financial Advisors increased its stake in Allegiant Travel by 52.3% during the 1st quarter. Captrust Financial Advisors now owns 198 shares of the transportation company's stock valued at $48,000 after purchasing an additional 68 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Allegiant Travel during the 1st quarter valued at $49,000. Harbor Investment Advisory LLC increased its stake in Allegiant Travel by 120.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 262 shares of the transportation company's stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Finally, Valley National Advisers Inc. increased its stake in Allegiant Travel by 57.2% during the 1st quarter. Valley National Advisers Inc. now owns 360 shares of the transportation company's stock valued at $88,000 after purchasing an additional 131 shares in the last quarter. Institutional investors and hedge funds own 86.04% of the company's stock.

The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.31 and a current ratio of 1.35. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -21.72 and a beta of 1.73. The stock's 50 day simple moving average is $205.17.

Allegiant Travel (NASDAQ:ALGT) last posted its earnings results on Monday, May 3rd. The transportation company reported ($3.58) earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of ($3.10) by ($0.48). Allegiant Travel had a negative return on equity of 33.46% and a negative net margin of 16.77%. The firm had revenue of $279.10 million during the quarter, compared to the consensus estimate of $308.87 million. During the same quarter in the previous year, the company earned $2.05 EPS. The business's revenue was down 31.8% compared to the same quarter last year. Analysts expect that Allegiant Travel will post 4.25 earnings per share for the current fiscal year.

Allegiant Travel Company Profile (NASDAQ:ALGT)

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 12, 2021, it operated a fleet of 97 Airbus A320 series aircraft.

Further Reading: Return on Equity (ROE)

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