Allegiant Travel (NASDAQ:ALGT) Given New $85.00 Price Target at Morgan Stanley

Allegiant Travel (NASDAQ:ALGT) had its target price cut by Morgan Stanley from $93.00 to $85.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s price objective points to a potential upside of 53.90% from the company’s previous close.

Several other equities analysts have also issued reports on ALGT. Susquehanna decreased their price target on Allegiant Travel from $95.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Bank of America cut their price objective on Allegiant Travel from $95.00 to $50.00 and set an “underperform” rating on the stock in a report on Thursday, April 3rd. Raymond James reissued a “strong-buy” rating and set a $80.00 price objective (down previously from $90.00) on shares of Allegiant Travel in a report on Wednesday, May 7th. UBS Group lifted their target price on Allegiant Travel from $45.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Finally, TD Cowen lifted their target price on Allegiant Travel from $35.00 to $50.00 and gave the stock a “hold” rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Allegiant Travel has a consensus rating of “Hold” and an average price target of $63.70.

Allegiant Travel Trading Down 1.6%

Shares of Allegiant Travel stock traded down $0.90 during trading hours on Monday, hitting $55.23. The company’s stock had a trading volume of 59,164 shares, compared to its average volume of 429,824. Allegiant Travel has a 12 month low of $36.09 and a 12 month high of $107.57. The stock has a 50 day moving average of $50.25 and a 200 day moving average of $72.76. The company has a market capitalization of $1.01 billion, a PE ratio of -4.13 and a beta of 1.78. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings data on Tuesday, May 6th. The transportation company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.27. The company had revenue of $699.07 million during the quarter, compared to analysts’ expectations of $700.00 million. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm posted $0.57 earnings per share. Analysts predict that Allegiant Travel will post 7.7 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ALGT. Nisa Investment Advisors LLC lifted its holdings in shares of Allegiant Travel by 1,614.3% in the fourth 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. Crews Bank & Trust bought a new stake in shares of Allegiant Travel in the fourth quarter valued at $25,000. Empowered Funds LLC raised its stake in shares of Allegiant Travel by 5.0% in the fourth quarter. Empowered Funds LLC now owns 84,748 shares of the transportation company’s stock valued at $7,976,000 after buying an additional 4,053 shares during the period. Principal Financial Group Inc. grew its position in shares of Allegiant Travel by 3.1% in the fourth quarter. Principal Financial Group Inc. now owns 70,588 shares of the transportation company’s stock valued at $6,644,000 after purchasing an additional 2,133 shares in the last quarter. Finally, Mutual of America Capital Management LLC purchased a new position in shares of Allegiant Travel in the fourth quarter valued at $207,000. Institutional investors own 85.81% of the company’s stock.

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.