Allegiant Travel (NASDAQ:ALGT) Price Target Cut to $87.00 by Analysts at Morgan Stanley

Allegiant Travel (NASDAQ:ALGTFree Report) had its price target decreased by Morgan Stanley from $95.00 to $87.00 in a research report report published on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the transportation company’s stock.

A number of other brokerages have also recently weighed in on ALGT. UBS Group assumed coverage on shares of Allegiant Travel in a research note on Wednesday, March 20th. They set a sell rating and a $58.00 price objective on the stock. TD Cowen cut their price objective on shares of Allegiant Travel from $65.00 to $60.00 and set a hold rating on the stock in a research note on Wednesday, May 15th. Deutsche Bank Aktiengesellschaft lowered Allegiant Travel from a buy rating to a hold rating and lowered their target price for the stock from $75.00 to $53.00 in a report on Monday. Barclays lowered their target price on Allegiant Travel from $60.00 to $55.00 and set an equal weight rating on the stock in a report on Thursday, May 9th. Finally, Susquehanna lowered their target price on Allegiant Travel from $76.00 to $65.00 and set a neutral rating on the stock in a report on Tuesday, April 9th. Two research 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 data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $73.50.

Check Out Our Latest Stock Report on Allegiant Travel

Allegiant Travel Stock Performance

ALGT stock opened at $47.31 on Monday. 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 stock has a market capitalization of $862.46 million, a price-to-earnings ratio of 14.97, a PEG ratio of 1.22 and a beta of 1.66. Allegiant Travel has a 1 year low of $43.91 and a 1 year high of $130.93. The stock’s fifty day moving average is $51.76 and its two-hundred day moving average is $65.52.

Allegiant Travel (NASDAQ:ALGTGet Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The transportation company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.06. Allegiant Travel had a net margin of 2.26% and a return on equity of 0.50%. The business had revenue of $656.70 million for the quarter, compared to analysts’ expectations of $645.23 million. During the same period in the previous year, the business earned $3.04 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. On average, research analysts predict that Allegiant Travel will post 3.62 EPS for the current year.

Allegiant Travel Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were paid a $0.60 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $2.40 dividend on an annualized basis and a yield of 5.07%. Allegiant Travel’s dividend payout ratio is currently 75.95%.

Insider Buying and Selling

In related news, CMO Scott Wayne Deangelo sold 19,687 shares of Allegiant Travel stock in a transaction dated 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 transaction, the chief marketing officer now owns 64,812 shares of the company’s stock, valued at approximately $3,479,108.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Allegiant Travel news, CMO Scott Wayne Deangelo sold 19,687 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $53.68, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Paul Wilson III sold 4,600 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $54.00, for a total value of $248,400.00. Following the sale, the executive vice president now owns 75,698 shares of the company’s stock, valued at $4,087,692. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,037 shares of company stock valued at $1,395,948. 17.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Allegiant Travel

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC acquired a new stake in shares of Allegiant Travel during the 4th quarter valued at about $28,000. CWM LLC lifted its holdings in Allegiant Travel by 275.1% in the 2nd quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock worth $64,000 after purchasing an additional 930 shares during the last quarter. Tradewinds Capital Management LLC acquired a new stake in Allegiant Travel in the 4th quarter worth approximately $83,000. SG Americas Securities LLC acquired a new stake in Allegiant Travel in the 1st quarter worth approximately $141,000. Finally, Commerce Bank acquired a new stake in Allegiant Travel in the 4th quarter worth approximately $201,000. 85.81% of the stock is currently owned by institutional investors and hedge funds.

About Allegiant Travel

(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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Analyst Recommendations for Allegiant Travel (NASDAQ:ALGT)

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