Allegiant Travel (NASDAQ:ALGT) Hits New 52-Week High Following Analyst Upgrade

Allegiant Travel (NASDAQ:ALGT) hit a new 52-week high during trading on Wednesday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $103.50 and last traded at $103.30, with a volume of 15178 shares trading hands. The stock had previously closed at $100.97.

A number of other research analysts have also commented on the company. Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Morgan Stanley increased their price objective on Allegiant Travel from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. The Goldman Sachs Group raised their target price on Allegiant Travel from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday. Raymond James raised their target price on Allegiant Travel from $75.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, December 30th. Finally, TD Cowen raised their price target on Allegiant Travel from $50.00 to $70.00 and gave the company a “hold” rating in a report on Tuesday, December 17th. Ten analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $75.11.

Insider Activity

In other news, Director Sandra Douglass Morgan sold 350 shares of Allegiant Travel stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total transaction of $28,269.50. Following the transaction, the director now owns 11,650 shares in the company, valued at $940,970.50. The trade was a 2.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Keny Frank Wilper sold 635 shares of Allegiant Travel stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 29,304 shares of company stock worth $2,459,900 in the last 90 days. Corporate insiders own 15.80% of the company’s stock.

Institutional Investors Weigh In On Allegiant Travel

Hedge funds and other institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Allegiant Travel in the 3rd quarter valued at approximately $63,540,000. Charles Schwab Investment Management Inc. raised its position in Allegiant Travel by 41.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 257,456 shares of the transportation company’s stock valued at $14,176,000 after buying an additional 75,486 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in Allegiant Travel in the 2nd quarter valued at approximately $8,959,000. Hauser Brothers GmbH raised its position in Allegiant Travel by 73.0% in the 3rd quarter. Hauser Brothers GmbH now owns 23,700 shares of the transportation company’s stock valued at $1,305,000 after buying an additional 10,000 shares during the last quarter. Finally, State Street Corp raised its position in Allegiant Travel by 1.7% in the 3rd quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock valued at $33,530,000 after buying an additional 10,050 shares during the last quarter. Institutional investors and hedge funds own 85.81% of the company’s stock.

Allegiant Travel Stock Performance

The stock has a 50-day moving average of $84.64 and a 200-day moving average of $61.89. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -68.08, a price-to-earnings-growth ratio of 7.17 and a beta of 1.62. 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 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.