Allegiant Travel (NASDAQ:ALGT) Shares Up 7.7% – Here’s What Happened

Allegiant Travel Company (NASDAQ:ALGT)’s stock price shot up 7.7% during trading on Tuesday . The stock traded as high as $74.90 and last traded at $73.70. 162,030 shares were traded during trading, a decline of 61% from the average session volume of 412,658 shares. The stock had previously closed at $68.46.

Wall Street Analysts Forecast Growth

ALGT has been the topic of a number of analyst reports. Evercore ISI upped their target price on shares of Allegiant Travel from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, September 29th. UBS Group upped their price target on shares of Allegiant Travel from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Zacks Research raised Allegiant Travel from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 4th. Morgan Stanley boosted their target price on Allegiant Travel from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Finally, Barclays upped their target price on Allegiant Travel from $52.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Allegiant Travel currently has a consensus rating of “Hold” and an average target price of $71.44.

Allegiant Travel Price Performance

The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $1.32 billion, a PE ratio of -4.52, a PEG ratio of 0.49 and a beta of 1.77. The business has a fifty day moving average price of $63.75 and a 200-day moving average price of $58.65.

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

Institutional Investors Weigh In On Allegiant Travel

Institutional investors have recently made changes to their positions in the business. Hantz Financial Services Inc. raised its position in Allegiant Travel by 442.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 542 shares of the transportation company’s stock worth $33,000 after purchasing an additional 442 shares during the period. Steward Partners Investment Advisory LLC grew its stake in shares of Allegiant Travel by 28.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 930 shares of the transportation company’s stock valued at $51,000 after buying an additional 205 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Allegiant Travel by 376.5% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,034 shares of the transportation company’s stock worth $53,000 after buying an additional 817 shares during the period. GAMMA Investing LLC lifted its stake in shares of Allegiant Travel by 58.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,108 shares of the transportation company’s stock valued at $61,000 after acquiring an additional 407 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Allegiant Travel by 43.7% in the 2nd quarter. NewEdge Advisors LLC now owns 1,227 shares of the transportation company’s stock valued at $67,000 after acquiring an additional 373 shares during the last quarter. Hedge funds and other 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.