Bank of America Increases Allegiant Travel (NASDAQ:ALGT) Price Target to $95.00

Allegiant Travel (NASDAQ:ALGT) had its target price increased by analysts at Bank of America from $54.00 to $95.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s price objective would suggest a potential downside of 7.76% from the stock’s previous close.

Several other analysts have also commented on the company. Morgan Stanley boosted their price target on Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Raymond James lifted their target price on shares of Allegiant Travel from $75.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, December 30th. 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. UBS Group initiated coverage on Allegiant Travel in a report on Tuesday, November 26th. They set a “neutral” rating and a $16.00 target price on the stock. Finally, Evercore ISI upped their price target on shares of Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $79.60.

Allegiant Travel Price Performance

Shares of Allegiant Travel stock opened at $102.99 on Friday. Allegiant Travel has a twelve month low of $36.08 and a twelve month high of $105.15. 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 firm has a market cap of $1.89 billion, a P/E ratio of -68.66, a price-to-earnings-growth ratio of 1.33 and a beta of 1.62. The firm’s 50-day simple moving average is $86.42 and its 200-day simple moving average is $62.91.

Insider Activity

In related news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $84.46, for a total transaction of $2,391,822.74. Following the completion of the sale, the chairman now directly owns 2,147,730 shares in the company, valued at approximately $181,397,275.80. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total transaction of $28,269.50. Following the sale, the director now owns 11,650 shares in the company, valued at $940,970.50. The trade was a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,304 shares of company stock valued at $2,459,900. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ALGT. Nisa Investment Advisors LLC raised its position in Allegiant Travel by 1,614.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 9,017 shares of the transportation company’s stock valued at $849,000 after purchasing an additional 8,491 shares in the last quarter. SeaCrest Wealth Management LLC increased its position in Allegiant Travel by 3.3% during the 4th quarter. SeaCrest Wealth Management LLC now owns 6,210 shares of the transportation company’s stock valued at $584,000 after buying an additional 200 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Allegiant Travel by 53.5% during the fourth quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock worth $64,000 after buying an additional 236 shares during the period. Franklin Resources Inc. increased its holdings in shares of Allegiant Travel by 2.5% in the third quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock valued at $34,584,000 after purchasing an additional 14,852 shares during the period. Finally, Barclays PLC lifted its holdings in shares of Allegiant Travel by 136.9% during the third quarter. Barclays PLC now owns 31,876 shares of the transportation company’s stock worth $1,755,000 after purchasing an additional 18,421 shares during the period. Institutional investors own 85.81% of the company’s stock.

About Allegiant Travel

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.