Short Interest in Allegiant Travel (NASDAQ:ALGT) Decreases By 12.1%

Allegiant Travel (NASDAQ:ALGT) was the target of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 1,230,000 shares, a decline of 12.1% from the November 15th total of 1,400,000 shares. Based on an average daily trading volume, of 417,400 shares, the days-to-cover ratio is presently 2.9 days. Approximately 7.9% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ALGT shares. Wolfe Research downgraded shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. TD Cowen boosted their target price on shares of Allegiant Travel from $42.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Morgan Stanley increased their price target on shares of Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Evercore ISI upped their target price 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. Finally, Barclays lifted their price target on shares of Allegiant Travel from $50.00 to $75.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Nine research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $65.78.

Insider Transactions at Allegiant Travel

In other news, COO Keny Frank Wilper sold 635 shares of the company’s 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 completion of the sale, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at approximately $1,025,169.57. This represents a 3.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sandra Douglass Morgan sold 350 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total value of $28,269.50. Following the sale, the director now directly owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. This represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,600 shares of company stock worth $2,476,465. 15.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegiant Travel

Institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in shares of Allegiant Travel by 149.2% during the 3rd quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock worth $25,000 after buying an additional 273 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Allegiant Travel by 136.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock worth $29,000 after purchasing an additional 304 shares during the period. Privium Fund Management UK Ltd raised its holdings in Allegiant Travel by 3.5% in the third quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company’s stock valued at $581,000 after buying an additional 358 shares during the period. SeaCrest Wealth Management LLC lifted its position in Allegiant Travel by 8.1% during the third quarter. SeaCrest Wealth Management LLC now owns 6,010 shares of the transportation company’s stock valued at $331,000 after buying an additional 450 shares in the last quarter. Finally, Inspire Investing LLC grew its stake in Allegiant Travel by 8.1% during the third quarter. Inspire Investing LLC now owns 7,490 shares of the transportation company’s stock worth $412,000 after buying an additional 562 shares during the period. 85.81% of the stock is currently owned by institutional investors and hedge funds.

Allegiant Travel Stock Performance

Shares of ALGT opened at $84.90 on Monday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -56.60, a PEG ratio of 7.17 and a beta of 1.67. 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 has a 1 year low of $36.08 and a 1 year high of $94.45. The company’s 50 day simple moving average is $71.21 and its 200 day simple moving average is $55.75.

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.