Short Interest in Allegiant Travel (NASDAQ:ALGT) Declines By 17.3%

Allegiant Travel (NASDAQ:ALGT) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,530,000 shares, a decline of 17.3% from the October 15th total of 1,850,000 shares. Based on an average trading volume of 411,700 shares, the days-to-cover ratio is presently 3.7 days. Currently, 10.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group reiterated a “neutral” rating and set a $83.00 price objective on shares of Allegiant Travel in a research report on Friday. Evercore ISI lifted their price objective on Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a research report on Thursday, October 3rd. TD Cowen raised their target price on Allegiant Travel from $42.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Susquehanna lifted their price target on shares of Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, Wolfe Research cut Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $70.11.

Insiders Place Their Bets

In related news, Director Gary Ellmer sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $45.00, for a total value of $45,000.00. Following the sale, the director now directly owns 7,490 shares in the company, valued at $337,050. This represents a 11.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Keny Frank Wilper sold 635 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total transaction of $39,808.15. Following the transaction, the chief operating officer now owns 16,353 shares of the company’s stock, valued at approximately $1,025,169.57. The trade was a 3.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,334 shares of company stock valued at $117,158 in the last ninety days. 15.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegiant Travel

A number of hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC grew its position in Allegiant Travel by 6.9% during the first quarter. ProShare Advisors LLC now owns 3,155 shares of the transportation company’s stock valued at $237,000 after buying an additional 203 shares during the period. Signaturefd LLC raised its stake 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 acquiring an additional 273 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Allegiant Travel by 136.9% in the third quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company’s stock worth $29,000 after purchasing an additional 304 shares in the last quarter. Privium Fund Management UK Ltd lifted its stake in shares of Allegiant Travel by 3.5% during the 3rd quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company’s stock valued at $581,000 after buying an additional 358 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its holdings in Allegiant Travel by 8.1% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 6,010 shares of the transportation company’s stock worth $331,000 after buying an additional 450 shares during the period. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Allegiant Travel Stock Performance

Shares of ALGT stock opened at $77.69 on Friday. Allegiant Travel has a one year low of $36.08 and a one year high of $85.91. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72. The firm has a 50-day moving average of $57.95 and a 200-day moving average of $51.83. The company has a market cap of $1.43 billion, a P/E ratio of -51.79, a P/E/G ratio of 5.92 and a beta of 1.61.

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.