Allegiant Travel (NASDAQ:ALGT) Sees Large Decrease in Short Interest

Allegiant Travel (NASDAQ:ALGT) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 987,300 shares, a drop of 9.4% from the December 15th total of 1,090,000 shares. Based on an average daily trading volume, of 380,100 shares, the days-to-cover ratio is currently 2.6 days. Currently, 6.9% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

ALGT has been the subject of several recent analyst reports. Susquehanna boosted their price objective on shares of Allegiant Travel from $60.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. TD Cowen lifted their target price on Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, December 17th. The Goldman Sachs Group increased their price target on shares of Allegiant Travel from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Raymond James lifted their price objective on shares of Allegiant Travel from $75.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, December 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $79.60.

Insider Buying and Selling at Allegiant Travel

In related news, Director Sandra Douglass Morgan sold 350 shares of Allegiant Travel stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total transaction of $28,269.50. Following the completion of the transaction, the director now directly owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. The trade was a 2.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the stock in a transaction dated 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 in the company, 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. Insiders sold a total of 29,304 shares of company stock valued at $2,459,900 in the last three months. 15.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allegiant Travel

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC boosted its holdings in Allegiant Travel by 3.3% during the 4th quarter. SeaCrest Wealth Management LLC now owns 6,210 shares of the transportation company’s stock valued at $584,000 after acquiring an additional 200 shares during the period. GAMMA Investing LLC lifted its holdings in Allegiant Travel by 53.5% during the 4th quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock worth $64,000 after buying an additional 236 shares in the last quarter. Signaturefd LLC grew its stake in shares of Allegiant Travel by 149.2% in the third quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock worth $25,000 after acquiring an additional 273 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Allegiant Travel by 136.9% during the third quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock worth $29,000 after acquiring an additional 304 shares during the period. Finally, Privium Fund Management UK Ltd raised its stake in shares of Allegiant Travel by 3.5% in the third quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company’s stock valued at $581,000 after acquiring an additional 358 shares in the last quarter. Institutional investors and hedge funds own 85.81% of the company’s stock.

Allegiant Travel Stock Up 0.6 %

ALGT opened at $102.99 on Friday. The company’s 50 day simple moving average is $86.42 and its two-hundred day simple moving average is $62.82. Allegiant Travel has a 1-year low of $36.08 and a 1-year high of $105.15. 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 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.