Allegiant Travel (NASDAQ:ALGT) Stock Price Down 10.6% – Time to Sell?

Shares of Allegiant Travel (NASDAQ:ALGT) dropped 10.6% during mid-day trading on Wednesday . The company traded as low as $89.01 and last traded at $88.58. Approximately 87,871 shares changed hands during trading, a decline of 70% from the average daily volume of 295,973 shares. The stock had previously closed at $99.11.

Wall Street Analyst Weigh In

ALGT has been the topic of several recent research reports. TD Cowen raised their price target 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. StockNews.com upgraded shares of Allegiant Travel from a “sell” rating to a “hold” rating in a research report on Wednesday, January 15th. UBS Group began coverage on shares of Allegiant Travel in a research report on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price objective on the stock. Susquehanna upped their price objective on shares of Allegiant Travel from $60.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Finally, Bank of America raised their target price on shares of Allegiant Travel from $54.00 to $95.00 and gave the stock an “underperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Allegiant Travel currently has an average rating of “Hold” and an average target price of $79.60.

Allegiant Travel Stock Performance

The company has a market cap of $1.58 billion, a PE ratio of -56.78, a P/E/G ratio of 1.36 and a beta of 1.63. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36. The firm’s 50-day simple moving average is $92.76 and its two-hundred day simple moving average is $67.57.

Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings results on Tuesday, February 4th. The transportation company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $1.62. Allegiant Travel had a negative net margin of 1.04% and a positive return on equity of 0.63%. As a group, research analysts anticipate that Allegiant Travel will post 2.43 earnings per share for the current fiscal year.

Insider Activity at Allegiant Travel

In related news, Director Sandra Douglass Morgan sold 350 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total value of $28,269.50. Following the sale, the director now owns 11,650 shares of the company’s stock, valued at $940,970.50. This trade represents a 2.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 approximately $181,397,275.80. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. 15.80% of the stock is currently owned by insiders.

Institutional Trading of Allegiant Travel

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALGT. Signaturefd LLC grew its position in Allegiant Travel by 149.2% in the 3rd quarter. Signaturefd LLC now owns 456 shares of the transportation company’s stock valued at $25,000 after buying an additional 273 shares during the last quarter. Crews Bank & Trust acquired a new position in Allegiant Travel in the 4th quarter valued at about $25,000. Nisa Investment Advisors LLC raised its stake in Allegiant Travel by 136.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock valued at $29,000 after purchasing an additional 304 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Allegiant Travel by 53.5% during the 4th quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock valued at $64,000 after acquiring an additional 236 shares during the last quarter. Finally, NBC Securities Inc. increased its stake in shares of Allegiant Travel by 2,827.9% during the 3rd quarter. NBC Securities Inc. now owns 1,259 shares of the transportation company’s stock valued at $69,000 after acquiring an additional 1,216 shares during the last quarter. Institutional investors and hedge funds 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.