Allegiant Travel (NASDAQ:ALGT) Sets New 1-Year High – Here’s Why

Allegiant Travel (NASDAQ:ALGT) shares hit a new 52-week high on Tuesday . The company traded as high as $105.50 and last traded at $104.15, with a volume of 12595 shares trading hands. The stock had previously closed at $102.99.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALGT. Barclays boosted their price target on shares of Allegiant Travel from $85.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Raymond James increased their target price on Allegiant Travel from $75.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, December 30th. Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. Morgan Stanley increased their price objective on Allegiant Travel from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 11th. Finally, Evercore ISI boosted their target price on shares of Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $79.60.

Allegiant Travel Trading Up 1.4 %

The company has a market capitalization of $1.92 billion, a P/E ratio of -69.61, a PEG ratio of 1.35 and a beta of 1.62. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The stock has a fifty day moving average of $86.98 and a 200 day moving average of $63.38.

Insider Transactions at Allegiant Travel

In other Allegiant Travel news, COO Keny Frank Wilper sold 635 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total transaction of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at $1,025,169.57. This trade represents a 3.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total value of $28,269.50. Following the completion of the transaction, the director now directly owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. This trade represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,304 shares of company stock valued at $2,459,900 over the last quarter. 15.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ALGT. Renaissance Technologies LLC bought a new stake in shares of Allegiant Travel during the second quarter valued at approximately $1,728,000. XTX Topco Ltd bought a new stake in Allegiant Travel in the 2nd quarter valued at $764,000. Sei Investments Co. increased its holdings in Allegiant Travel by 22.0% in the 2nd quarter. Sei Investments Co. now owns 12,108 shares of the transportation company’s stock valued at $608,000 after acquiring an additional 2,180 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in Allegiant Travel by 8.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 31,834 shares of the transportation company’s stock worth $1,599,000 after purchasing an additional 2,467 shares in the last quarter. Finally, Interval Partners LP boosted its holdings in shares of Allegiant Travel by 12.0% during the 2nd quarter. Interval Partners LP now owns 84,023 shares of the transportation company’s stock valued at $4,220,000 after purchasing an additional 9,023 shares during the last quarter. 85.81% of the stock is owned by hedge funds and other institutional investors.

Allegiant Travel Company Profile

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.