Bank of America Lowers Allegiant Travel (NASDAQ:ALGT) Price Target to $50.00

Allegiant Travel (NASDAQ:ALGT) had its price target reduced by Bank of America from $95.00 to $50.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an underperform rating on the transportation company’s stock.

Other research analysts also recently issued research reports about the company. StockNews.com upgraded Allegiant Travel from a “sell” rating to a “hold” rating in a research note on Wednesday, January 15th. TD Cowen increased their price objective on Allegiant Travel from $50.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, December 17th. The Goldman Sachs Group lifted their target price on shares of Allegiant Travel from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. UBS Group decreased their target price on shares of Allegiant Travel from $93.00 to $61.00 and set a “neutral” rating for the company in a research report on Thursday, March 20th. Finally, Morgan Stanley raised their price target on shares of Allegiant Travel from $90.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Allegiant Travel currently has a consensus rating of “Hold” and an average price target of $78.10.

Allegiant Travel Price Performance

NASDAQ ALGT opened at $48.71 on Thursday. 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 market capitalization of $893.24 million, a price-to-earnings ratio of -3.64 and a beta of 1.64. The company has a 50 day simple moving average of $73.17 and a 200-day simple moving average of $74.36. Allegiant Travel has a 52-week low of $36.09 and a 52-week high of $107.57.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Crews Bank & Trust bought a new stake in Allegiant Travel during the fourth quarter valued at about $25,000. Jones Financial Companies Lllp boosted its stake in Allegiant Travel by 94.5% during the 4th quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company’s stock valued at $43,000 after purchasing an additional 223 shares during the period. Sterling Capital Management LLC grew its holdings in Allegiant Travel by 803.6% in the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company’s stock valued at $47,000 after buying an additional 442 shares during the last quarter. Signaturefd LLC increased its position in Allegiant Travel by 30.3% in the 4th quarter. Signaturefd LLC now owns 594 shares of the transportation company’s stock worth $56,000 after buying an additional 138 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Allegiant Travel by 53.5% during the fourth quarter. GAMMA Investing LLC now owns 677 shares of the transportation company’s stock worth $64,000 after buying an additional 236 shares during the last quarter. 85.81% of the stock is currently owned by institutional investors and hedge funds.

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.