Allegiant Travel (NASDAQ:ALGT) Stock Price Down 4.7% After Analyst Downgrade

Allegiant Travel (NASDAQ:ALGT) shares traded down 4.7% during mid-day trading on Thursday after UBS Group lowered their price target on the stock from $93.00 to $61.00. UBS Group currently has a neutral rating on the stock. Allegiant Travel traded as low as $53.44 and last traded at $53.35. 59,002 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 395,518 shares. The stock had previously closed at $55.97.

A number of other equities analysts have also issued reports on ALGT. Raymond James upped their target price on Allegiant Travel from $75.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, December 30th. StockNews.com upgraded Allegiant Travel from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th. TD Cowen boosted their price target on Allegiant Travel from $50.00 to $70.00 and gave the company a “hold” rating in a report on Tuesday, December 17th. Bank of America boosted their price target on Allegiant Travel from $54.00 to $95.00 and gave the company an “underperform” rating in a report on Friday, January 17th. Finally, Barclays boosted their price target on Allegiant Travel from $85.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Allegiant Travel has an average rating of “Hold” and a consensus target price of $84.60.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its stake in Allegiant Travel by 1,614.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 9,017 shares of the transportation company’s stock worth $849,000 after buying an additional 8,491 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Allegiant Travel by 41.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 257,456 shares of the transportation company’s stock worth $14,176,000 after purchasing an additional 75,486 shares in the last quarter. Hauser Brothers GmbH grew its stake in shares of Allegiant Travel by 73.0% in the third quarter. Hauser Brothers GmbH now owns 23,700 shares of the transportation company’s stock worth $1,305,000 after purchasing an additional 10,000 shares in the last quarter. State Street Corp grew its stake in shares of Allegiant Travel by 1.7% in the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock worth $33,530,000 after purchasing an additional 10,050 shares in the last quarter. Finally, US Bancorp DE grew its stake in shares of Allegiant Travel by 575.4% in the fourth quarter. US Bancorp DE now owns 5,025 shares of the transportation company’s stock worth $473,000 after purchasing an additional 4,281 shares in the last quarter. 85.81% of the stock is currently owned by institutional investors.

Allegiant Travel Stock Performance

The company has a market cap of $1.01 billion, a P/E ratio of -4.11 and a beta of 1.64. The company has a 50 day moving average price of $81.94 and a 200-day moving average price of $73.58. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings results on Tuesday, February 4th. The transportation company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $1.62. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. Equities analysts expect that Allegiant Travel will post 7.7 EPS for the current fiscal year.

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.