Allegiant Travel (NASDAQ:ALGT) Shares Up 15.2% Following Analyst Upgrade

Allegiant Travel Company (NASDAQ:ALGT) was up 15.2% during trading on Wednesday after Morgan Stanley raised their price target on the stock from $80.00 to $85.00. Morgan Stanley currently has an equal weight rating on the stock. Allegiant Travel traded as high as $66.97 and last traded at $66.8270. Approximately 169,431 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 415,454 shares. The stock had previously closed at $58.03.

ALGT has been the topic of a number of other reports. UBS Group lifted their price target on Allegiant Travel from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday. Evercore ISI lifted their target price on Allegiant Travel from $75.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, September 29th. Susquehanna upped their price target on Allegiant Travel from $50.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Bank of America raised their price objective on shares of Allegiant Travel from $50.00 to $55.00 and gave the company an “underperform” rating in a research report on Wednesday, October 1st. Finally, Zacks Research upgraded shares of Allegiant Travel from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Allegiant Travel currently has a consensus rating of “Hold” and a consensus price target of $70.89.

Hedge Funds Weigh In On Allegiant Travel

A number of large investors have recently modified their holdings of the company. New York State Common Retirement Fund increased its holdings in shares of Allegiant Travel by 8.5% in the first quarter. New York State Common Retirement Fund now owns 6,003 shares of the transportation company’s stock worth $310,000 after buying an additional 470 shares during the period. New York State Teachers Retirement System grew its position in Allegiant Travel by 8.2% during the 1st quarter. New York State Teachers Retirement System now owns 18,922 shares of the transportation company’s stock worth $977,000 after acquiring an additional 1,426 shares during the last quarter. Bayforest Capital Ltd grew its holdings in shares of Allegiant Travel by 38.7% in the second quarter. Bayforest Capital Ltd now owns 15,714 shares of the transportation company’s stock worth $863,000 after purchasing an additional 4,381 shares during the last quarter. U S Global Investors Inc. increased its stake in shares of Allegiant Travel by 4.3% in the second quarter. U S Global Investors Inc. now owns 430,153 shares of the transportation company’s stock worth $23,637,000 after buying an additional 17,753 shares during the period. Finally, Hussman Strategic Advisors Inc. purchased a new stake in Allegiant Travel during the 2nd quarter valued at $1,154,000. 85.81% of the stock is owned by hedge funds and other institutional investors.

Allegiant Travel Trading Up 2.9%

The company has a debt-to-equity ratio of 1.68, a current ratio of 1.10 and a quick ratio of 1.07. The stock has a market capitalization of $1.30 billion, a P/E ratio of -4.45, a P/E/G ratio of 0.49 and a beta of 1.77. The firm’s 50 day moving average price is $63.31 and its 200 day moving average price is $57.16.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings results on Thursday, May 12th. The transportation company reported $1.18 EPS for the quarter. The business had revenue of $496.88 million during the quarter. Allegiant Travel had a positive return on equity of 5.00% and a negative net margin of 11.10%. As a group, equities research analysts expect that Allegiant Travel Company will post 7.7 earnings per share for the current fiscal year.

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.