Bank of America Raises Allegiant Travel (NASDAQ:ALGT) Price Target to $95.00

Allegiant Travel (NASDAQ:ALGT) had its target price increased by Bank of America from $54.00 to $95.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “underperform” rating on the transportation company’s stock. Bank of America‘s price target indicates a potential downside of 7.76% from the stock’s current price.

A number of other equities analysts have also recently commented on the stock. TD Cowen lifted their target price 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. Susquehanna increased their price target 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. StockNews.com upgraded Allegiant Travel from a “sell” rating to a “hold” rating in a research note on Wednesday. Raymond James upped their price target on shares of Allegiant Travel from $75.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, December 30th. Finally, Wolfe Research downgraded shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. One investment 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. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $79.60.

Allegiant Travel Stock Performance

NASDAQ ALGT opened at $102.99 on Friday. The stock has a 50-day moving average of $86.42 and a two-hundred day moving average of $62.91. The company has a market cap of $1.89 billion, a P/E ratio of -68.66, a P/E/G ratio of 1.33 and a beta of 1.62. 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 has a 1-year low of $36.08 and a 1-year high of $105.15.

Insider Buying and Selling at Allegiant Travel

In other news, COO Keny Frank Wilper sold 635 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total value of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares in the company, valued at approximately $1,025,169.57. This represents a 3.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the stock in a transaction 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 directly owns 11,650 shares in the company, valued at $940,970.50. This trade represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,304 shares of company stock worth $2,459,900 over the last 90 days. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Donald Smith & CO. Inc. increased its position in shares of Allegiant Travel by 20.2% during the third quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company’s stock valued at $54,701,000 after acquiring an additional 167,148 shares during the last quarter. U S Global Investors Inc. lifted its stake in shares of Allegiant Travel by 51.9% in the 3rd quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company’s stock worth $40,823,000 after acquiring an additional 253,198 shares during the period. State Street Corp lifted its holdings in Allegiant Travel by 1.7% in the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock valued at $33,530,000 after acquiring an additional 10,050 shares during the period. Franklin Resources Inc. increased its position in shares of Allegiant Travel by 2.5% in the third quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock valued at $34,584,000 after buying an additional 14,852 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Allegiant Travel by 15.1% in the second quarter. American Century Companies Inc. now owns 428,787 shares of the transportation company’s stock worth $21,538,000 after acquiring an additional 56,208 shares during the last quarter. 85.81% of the stock is 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.