Susquehanna Issues Positive Forecast for Allegiant Travel (NASDAQ:ALGT) Stock Price

Allegiant Travel (NASDAQ:ALGT) had its target price hoisted by equities researchers at Susquehanna from $60.00 to $105.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the transportation company’s stock. Susquehanna’s price target would indicate a potential upside of 6.77% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. Raymond James increased their price target on Allegiant Travel from $75.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, December 30th. UBS Group initiated coverage on shares of Allegiant Travel in a research report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price target on the stock. TD Cowen upped their price target on shares of Allegiant Travel from $50.00 to $70.00 and gave the company a “hold” rating in a report on Tuesday, December 17th. Evercore ISI lifted their price objective on shares of Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research note on Thursday, October 3rd. Finally, Morgan Stanley increased their target price on shares of Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $74.11.

Allegiant Travel Price Performance

Shares of ALGT stock traded up $0.22 during midday trading on Tuesday, reaching $98.34. 40,466 shares of the company were exchanged, compared to its average volume of 247,303. The company’s 50 day moving average price is $80.38 and its two-hundred day moving average price is $59.84. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The company has a market cap of $1.80 billion, a P/E ratio of -65.56, a PEG ratio of 7.17 and a beta of 1.62. Allegiant Travel has a 12 month low of $36.08 and a 12 month high of $101.00.

Insider Buying and Selling

In other news, Director Sandra Douglass Morgan sold 350 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total value of $28,269.50. Following the transaction, the director now owns 11,650 shares in the company, valued at $940,970.50. This represents a 2.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $84.46, for a total transaction of $2,391,822.74. Following the completion of the sale, the chairman now directly owns 2,147,730 shares of the company’s stock, valued at $181,397,275.80. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,304 shares of company stock valued at $2,459,900. Company insiders own 15.80% of the company’s stock.

Institutional Trading of Allegiant Travel

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in Allegiant Travel by 7.7% in the second quarter. Bank of New York Mellon Corp now owns 215,533 shares of the transportation company’s stock worth $10,826,000 after buying an additional 15,469 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Allegiant Travel by 25.6% in the 2nd quarter. Victory Capital Management Inc. now owns 16,614 shares of the transportation company’s stock valued at $835,000 after purchasing an additional 3,391 shares during the last quarter. Headlands Technologies LLC boosted its holdings in Allegiant Travel by 170.6% in the second quarter. Headlands Technologies LLC now owns 2,522 shares of the transportation company’s stock worth $127,000 after purchasing an additional 1,590 shares in the last quarter. American Century Companies Inc. increased its position in Allegiant Travel by 15.1% during the second quarter. American Century Companies Inc. now owns 428,787 shares of the transportation company’s stock worth $21,538,000 after buying an additional 56,208 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Allegiant Travel during the second quarter worth $311,000. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

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.