Barclays Forecasts Strong Price Appreciation for Allegiant Travel (NASDAQ:ALGT) Stock

Allegiant Travel (NASDAQ:ALGT) had its price objective boosted by analysts at Barclays from $85.00 to $100.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the transportation company’s stock. Barclays‘s price objective suggests a potential downside of 2.90% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. TD Cowen raised their price objective on shares of Allegiant Travel from $50.00 to $70.00 and gave the company a “hold” rating in a research report on Tuesday, December 17th. UBS Group assumed coverage on shares of Allegiant Travel in a research report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price objective for the company. Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. Evercore ISI boosted their target price on Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research report on Thursday, October 3rd. Finally, Susquehanna raised their price target on Allegiant Travel from $60.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Allegiant Travel has an average rating of “Hold” and an average target price of $79.60.

Allegiant Travel Price Performance

Allegiant Travel stock opened at $102.99 on Thursday. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $105.15. The firm has a market cap of $1.89 billion, a P/E ratio of -68.66, a P/E/G ratio of 1.33 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. The business’s fifty day moving average is $86.42 and its two-hundred day moving average is $62.82.

Insider Buying and Selling

In other Allegiant Travel news, Director Sandra Douglass Morgan sold 350 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total value of $28,269.50. Following the completion of the transaction, the director now directly owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. The trade was a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $84.46, for a total value of $2,391,822.74. Following the sale, the chairman now directly owns 2,147,730 shares in the company, valued at approximately $181,397,275.80. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,304 shares of company stock valued at $2,459,900 in the last 90 days. 15.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Allegiant Travel

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. U S Global Investors Inc. increased its holdings 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 purchasing an additional 253,198 shares in the last quarter. Clearbridge Investments LLC bought a new position in shares of Allegiant Travel during the second quarter worth about $8,959,000. Donald Smith & CO. Inc. raised its position in 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 buying an additional 167,148 shares during the last quarter. Millennium Management LLC boosted its position in Allegiant Travel by 779.8% during the 2nd quarter. Millennium Management LLC now owns 169,459 shares of the transportation company’s stock worth $8,512,000 after acquiring an additional 150,197 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Allegiant Travel during the 3rd quarter worth approximately $63,540,000. 85.81% of the stock is currently owned by institutional investors and hedge funds.

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.