Allegiant Travel (NASDAQ:ALGT) Given New $70.00 Price Target at TD Cowen

Allegiant Travel (NASDAQ:ALGT) had its price target increased by TD Cowen from $50.00 to $70.00 in a report released on Tuesday, Marketbeat.com reports. They currently have a hold rating on the transportation company’s stock.

ALGT has been the topic of a number of other reports. UBS Group initiated coverage on shares of Allegiant Travel in a research report on Tuesday, November 26th. They set a “neutral” rating and a $16.00 target price on the stock. The Goldman Sachs Group reiterated a “neutral” rating and issued a $83.00 price objective on shares of Allegiant Travel in a report on Friday, November 15th. Morgan Stanley raised their target price on Allegiant Travel from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Susquehanna boosted their price target on Allegiant Travel from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Finally, Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $68.00.

Allegiant Travel Stock Performance

Shares of NASDAQ:ALGT opened at $83.73 on Tuesday. The business’s 50-day simple moving average is $72.30 and its 200 day simple moving average is $56.20. The company has a market cap of $1.54 billion, a P/E ratio of -55.82, a PEG ratio of 7.17 and a beta of 1.67. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. Allegiant Travel has a one year low of $36.08 and a one year high of $94.45.

Insiders Place Their Bets

In other news, Director Sandra Douglass Morgan sold 350 shares of Allegiant Travel stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total transaction of $28,269.50. Following the sale, the director now owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. The trade was a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $84.46, for a total value of $2,391,822.74. Following the transaction, the chairman now owns 2,147,730 shares of the company’s stock, valued at approximately $181,397,275.80. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,600 shares of company stock valued at $2,476,465 in the last quarter. Insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its stake 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 valued at $34,584,000 after purchasing an additional 14,852 shares in the last quarter. Barclays PLC increased its stake in Allegiant Travel by 136.9% during the 3rd quarter. Barclays PLC now owns 31,876 shares of the transportation company’s stock valued at $1,755,000 after buying an additional 18,421 shares during the period. Geode Capital Management LLC raised its position in shares of Allegiant Travel by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 364,755 shares of the transportation company’s stock worth $20,089,000 after buying an additional 5,424 shares in the last quarter. XTX Topco Ltd raised its position in shares of Allegiant Travel by 15.0% during the 3rd quarter. XTX Topco Ltd now owns 17,491 shares of the transportation company’s stock worth $963,000 after buying an additional 2,279 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Allegiant Travel by 1.7% in the 3rd quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock worth $33,530,000 after acquiring an additional 10,050 shares during the period. Institutional investors and hedge funds 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.