Allegiant Travel (NASDAQ:ALGT) Shares Gap Up – Here’s What Happened

Allegiant Travel Company (NASDAQ:ALGT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $84.16, but opened at $88.12. Allegiant Travel shares last traded at $90.97, with a volume of 117,060 shares.

Analyst Ratings Changes

A number of brokerages have commented on ALGT. Evercore ISI raised their price target on shares of Allegiant Travel from $75.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, September 29th. Bank of America raised their target price on Allegiant Travel from $50.00 to $55.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “sell (d)” rating on shares of Allegiant Travel in a research report on Wednesday, October 8th. Susquehanna increased their price objective on Allegiant Travel from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Allegiant Travel from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Allegiant Travel has an average rating of “Hold” and an average price target of $77.91.

Allegiant Travel Price Performance

The stock has a fifty day moving average of $68.85 and a two-hundred day moving average of $61.03. The company has a current ratio of 0.98, a quick ratio of 0.95 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -5.27, a PEG ratio of 0.58 and a beta of 1.67.

Allegiant Travel (NASDAQ:ALGT) last announced its earnings results on Thursday, May 12th. The transportation company reported $1.18 EPS for the quarter. Allegiant Travel had a positive return on equity of 5.24% and a negative net margin of 11.36%.The company had revenue of $496.88 million for the quarter. As a group, equities research analysts forecast that Allegiant Travel Company will post 7.7 earnings per share for the current year.

Hedge Funds Weigh In On Allegiant Travel

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Allegiant Travel by 4.1% in the third quarter. Vanguard Group Inc. now owns 1,677,608 shares of the transportation company’s stock valued at $101,948,000 after purchasing an additional 66,596 shares in the last quarter. Donald Smith & CO. Inc. boosted its position in Allegiant Travel by 11.6% in the 2nd quarter. Donald Smith & CO. Inc. now owns 1,506,633 shares of the transportation company’s stock valued at $82,789,000 after buying an additional 156,186 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Allegiant Travel by 5.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 982,962 shares of the transportation company’s stock valued at $50,770,000 after buying an additional 54,321 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Allegiant Travel by 5.7% in the 3rd quarter. American Century Companies Inc. now owns 688,322 shares of the transportation company’s stock valued at $41,829,000 after buying an additional 37,205 shares during the period. Finally, Par Capital Management Inc. raised its position in shares of Allegiant Travel by 11.1% during the second quarter. Par Capital Management Inc. now owns 584,996 shares of the transportation company’s stock worth $32,146,000 after acquiring an additional 58,566 shares during the last quarter. 85.81% of the stock is owned by 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.