Short Interest in Allegiant Travel (NASDAQ:ALGT) Declines By 17.3%

Allegiant Travel (NASDAQ:ALGT) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 1,530,000 shares, a drop of 17.3% from the October 15th total of 1,850,000 shares. Currently, 10.0% of the company’s stock are sold short. Based on an average trading volume of 411,700 shares, the short-interest ratio is presently 3.7 days.

Allegiant Travel Price Performance

Allegiant Travel stock opened at $77.69 on Friday. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $85.91. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The stock has a fifty day moving average of $57.95 and a 200-day moving average of $51.83. The stock has a market capitalization of $1.43 billion, a P/E ratio of -51.79, a price-to-earnings-growth ratio of 5.92 and a beta of 1.61.

Insider Activity

In other Allegiant Travel news, COO Keny Frank Wilper sold 635 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the completion of the sale, the chief operating officer now owns 16,353 shares in the company, valued at $1,025,169.57. This trade represents a 3.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gary Ellmer sold 1,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the completion of the sale, the director now directly owns 7,490 shares in the company, valued at approximately $337,050. The trade was a 11.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,334 shares of company stock worth $117,158 in the last quarter. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Allegiant Travel by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 1,749,649 shares of the transportation company’s stock valued at $131,591,000 after purchasing an additional 38,612 shares during the last quarter. Donald Smith & CO. Inc. lifted its stake in shares of Allegiant Travel by 20.2% in the 3rd quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company’s stock valued at $54,701,000 after acquiring an additional 167,148 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in shares of Allegiant Travel by 1.9% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 945,839 shares of the transportation company’s stock valued at $47,509,000 after acquiring an additional 17,792 shares in the last quarter. U S Global Investors Inc. grew its position in Allegiant Travel by 51.9% during the 3rd quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company’s stock worth $40,823,000 after acquiring an additional 253,198 shares during the last quarter. Finally, State Street Corp increased its holdings in Allegiant Travel by 1.7% in the 3rd quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock worth $33,530,000 after purchasing an additional 10,050 shares in the last quarter. Institutional investors own 85.81% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on ALGT shares. Evercore ISI lifted their price target on Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a report on Thursday, October 3rd. The Goldman Sachs Group reissued a “neutral” rating and issued a $83.00 target price on shares of Allegiant Travel in a research report on Friday. Susquehanna upped their price target on shares of Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Barclays lifted their price objective on shares of Allegiant Travel from $50.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Wolfe Research cut shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $70.11.

Allegiant Travel Company 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.