Allegiant Travel (NASDAQ:ALGT) Trading Down 4.7% on Analyst Downgrade

Allegiant Travel (NASDAQ:ALGT)’s share price was down 4.7% during trading on Thursday after UBS Group lowered their price target on the stock from $93.00 to $61.00. UBS Group currently has a neutral rating on the stock. Allegiant Travel traded as low as $53.44 and last traded at $53.35. Approximately 59,002 shares were traded during trading, a decline of 85% from the average daily volume of 395,518 shares. The stock had previously closed at $55.97.

Several other analysts have also recently commented on ALGT. TD Cowen upped their target price on shares of Allegiant Travel from $50.00 to $70.00 and gave the company a “hold” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group boosted their price target on shares of Allegiant Travel from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. StockNews.com raised shares of Allegiant Travel from a “sell” rating to a “hold” rating in a research note on Wednesday, January 15th. Bank of America upped their target price on shares of Allegiant Travel from $54.00 to $95.00 and gave the stock an “underperform” rating in a research note on Friday, January 17th. Finally, Morgan Stanley upped their target price on shares of Allegiant Travel from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. One research 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, Allegiant Travel has a consensus rating of “Hold” and an average price target of $84.60.

Hedge Funds Weigh In On Allegiant Travel

A number of large investors have recently modified their holdings of the business. Donald Smith & CO. Inc. raised its holdings in Allegiant Travel by 2.5% in the 4th quarter. Donald Smith & CO. Inc. now owns 1,018,449 shares of the transportation company’s stock valued at $95,856,000 after acquiring an additional 24,975 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of Allegiant Travel by 16.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 928,641 shares of the transportation company’s stock worth $87,404,000 after purchasing an additional 131,561 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Allegiant Travel by 8.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 748,216 shares of the transportation company’s stock worth $70,421,000 after purchasing an additional 57,737 shares during the period. State Street Corp increased its holdings in shares of Allegiant Travel by 1.7% during the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock worth $33,530,000 after purchasing an additional 10,050 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of Allegiant Travel by 2.5% during the third quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock worth $34,584,000 after purchasing an additional 14,852 shares during the period. 85.81% of the stock is currently owned by institutional investors and hedge funds.

Allegiant Travel Price Performance

The company’s fifty day moving average price is $83.78 and its 200 day moving average price is $73.63. The company has a market capitalization of $981.36 million, a P/E ratio of -4.00 and a beta of 1.64. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings results on Tuesday, February 4th. The transportation company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $1.62. Allegiant Travel had a negative net margin of 9.56% and a positive return on equity of 3.33%. As a group, sell-side analysts forecast that Allegiant Travel will post 7.7 EPS for the current year.

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.