Allegiant Travel (NASDAQ:ALGT) Stock Price Down 8.5% on Analyst Downgrade

Allegiant Travel (NASDAQ:ALGT – Get Free Report) fell 8.5% on Thursday after TD Cowen lowered their price target on the stock from $60.00 to $39.00. TD Cowen currently has a hold rating on the stock. Allegiant Travel traded as low as $46.30 and last traded at $47.56. 657,573 shares were traded during trading, an increase of 98% from the average session volume of 332,894 shares. The stock had previously closed at $51.97.

ALGT has been the subject of several other reports. Evercore ISI cut their target price on shares of Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating for the company in a research report on Monday. Barclays lowered their target price on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft cut Allegiant Travel from a “buy” rating to a “hold” rating and reduced their price target for the stock from $75.00 to $53.00 in a research report on Monday, July 8th. Susquehanna lowered their price target on shares of Allegiant Travel from $60.00 to $55.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Morgan Stanley reduced their price objective on shares of Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $62.13.

Check Out Our Latest Research Report on ALGT

Insider Buying and Selling

In other Allegiant Travel news, COO Keny Frank Wilper sold 1,000 shares of Allegiant Travel stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $51.00, for a total value of $51,000.00. Following the sale, the chief operating officer now directly owns 9,422 shares in the company, valued at approximately $480,522. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Keny Frank Wilper sold 1,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $51.00, for a total transaction of $51,000.00. Following the completion of the transaction, the chief operating officer now directly owns 9,422 shares of the company’s stock, valued at $480,522. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CMO Scott Wayne Deangelo sold 19,687 shares of Allegiant Travel stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $53.68, for a total value of $1,056,798.16. Following the completion of the sale, the chief marketing officer now directly owns 64,812 shares in the company, valued at approximately $3,479,108.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,037 shares of company stock worth $1,395,948. 17.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Allegiant Travel

Institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new stake in shares of Allegiant Travel during the 4th quarter valued at about $141,350,000. Donald Smith & CO. Inc. raised its stake in shares of Allegiant Travel by 106.7% in the first quarter. Donald Smith & CO. Inc. now owns 309,781 shares of the transportation company’s stock valued at $23,299,000 after acquiring an additional 159,892 shares during the period. U S Global Investors Inc. lifted its holdings in shares of Allegiant Travel by 23.4% in the 4th quarter. U S Global Investors Inc. now owns 647,055 shares of the transportation company’s stock worth $53,453,000 after acquiring an additional 122,844 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Allegiant Travel by 14.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 798,573 shares of the transportation company’s stock worth $65,972,000 after purchasing an additional 98,662 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Allegiant Travel during the 4th quarter worth about $7,187,000. Institutional investors own 85.81% of the company’s stock.

Allegiant Travel Price Performance

The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.74 and a current ratio of 0.76. The company has a market capitalization of $900.20 million, a P/E ratio of 15.63, a P/E/G ratio of 1.94 and a beta of 1.66. The firm’s fifty day moving average is $51.29 and its 200 day moving average is $64.27.

Allegiant Travel (NASDAQ:ALGT – Get Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The transportation company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.06. Allegiant Travel had a return on equity of 0.50% and a net margin of 2.26%. The firm had revenue of $656.70 million for the quarter, compared to the consensus estimate of $645.23 million. During the same period in the prior year, the business posted $3.04 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts predict that Allegiant Travel will post 3.46 earnings per share for the current fiscal year.

Allegiant Travel Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date of this dividend was Tuesday, May 14th. Allegiant Travel’s payout ratio is presently 75.95%.

Allegiant Travel Company Profile

(Get Free Report)

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.

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