Allegiant Travel (NASDAQ:ALGT) Given New $83.00 Price Target at Morgan Stanley

Allegiant Travel (NASDAQ:ALGT) had its price target decreased by Morgan Stanley from $85.00 to $83.00 in a report released on Monday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the transportation company’s stock.

Several other research firms have also recently issued reports on ALGT. UBS Group began coverage on shares of Allegiant Travel in a research note on Monday. They issued a “neutral” rating and a $59.00 target price on the stock. TD Cowen increased their target price on shares of Allegiant Travel from $35.00 to $50.00 and gave the stock a “hold” rating in a research note on Monday, May 12th. Raymond James Financial reiterated a “strong-buy” rating and issued a $80.00 target price (down from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. Evercore ISI upgraded shares of Allegiant Travel from an “in-line” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Tuesday, July 1st. Finally, Susquehanna lowered their target price on shares of Allegiant Travel from $95.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $65.11.

Allegiant Travel Stock Down 3.2%

ALGT opened at $52.78 on Monday. The company has a 50 day moving average of $54.58 and a 200 day moving average of $66.72. The company has a market cap of $963.24 million, a PE ratio of -4.56, a price-to-earnings-growth ratio of 0.42 and a beta of 1.71. Allegiant Travel has a 12 month low of $36.09 and a 12 month high of $107.57. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.57.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings data on Tuesday, May 6th. The transportation company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.54 by $0.27. The company had revenue of $699.07 million during the quarter, compared to the consensus estimate of $700.00 million. Allegiant Travel had a negative net margin of 8.11% and a positive return on equity of 5.46%. Allegiant Travel’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.57 EPS. On average, sell-side analysts expect that Allegiant Travel will post 7.7 EPS for the current year.

Institutional Trading of Allegiant Travel

Several institutional investors and hedge funds have recently made changes to their positions in ALGT. Donald Smith & CO. Inc. raised its position in shares of Allegiant Travel by 32.6% during the 1st quarter. Donald Smith & CO. Inc. now owns 1,350,447 shares of the transportation company’s stock valued at $69,751,000 after buying an additional 331,998 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Allegiant Travel in the fourth quarter worth $26,067,000. Emerald Advisers LLC bought a new stake in Allegiant Travel in the fourth quarter worth $22,256,000. Federated Hermes Inc. bought a new stake in Allegiant Travel in the first quarter worth $9,864,000. Finally, Voloridge Investment Management LLC bought a new stake in Allegiant Travel in the fourth quarter worth $16,713,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.

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.