Allegiant Travel (NASDAQ:ALGT) Trading Down 8.7% - Time to Sell?

Allegiant Travel (NASDAQ:ALGT - Get Free Report) shares dropped 8.7% during trading on Tuesday . The stock traded as low as $62.48 and last traded at $63.42. Approximately 125,912 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 376,942 shares. The stock had previously closed at $69.48.

Analyst Ratings Changes

ALGT has been the subject of a number of research reports. UBS Group began coverage on Allegiant Travel in a report on Tuesday, November 26th. They set a "neutral" rating and a $16.00 target price for the company. Susquehanna increased their price objective on Allegiant Travel from $60.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, January 7th. Bank of America boosted their target price on Allegiant Travel from $54.00 to $95.00 and gave the company an "underperform" rating in a research note on Friday, January 17th. Morgan Stanley raised their price target on shares of Allegiant Travel from $90.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 6th. Finally, Barclays boosted their price objective on shares of Allegiant Travel from $85.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $80.10.

Allegiant Travel Stock Performance

The company has a market capitalization of $1.18 billion, a P/E ratio of -4.84 and a beta of 1.64. The stock's fifty day moving average price is $91.96 and its 200-day moving average price is $72.69. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The transportation company reported $2.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.48 by $1.62. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. As a group, research analysts anticipate that Allegiant Travel will post 7.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Allegiant Travel

Several large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings in Allegiant Travel by 136.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company's stock valued at $29,000 after acquiring an additional 304 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in Allegiant Travel by 34.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 10,198 shares of the transportation company's stock worth $562,000 after purchasing an additional 2,607 shares during the last quarter. Privium Fund Management UK Ltd boosted its stake in Allegiant Travel by 3.5% in the 3rd quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company's stock valued at $581,000 after purchasing an additional 358 shares during the period. Empowered Funds LLC boosted its stake in Allegiant Travel by 5.2% in the 3rd quarter. Empowered Funds LLC now owns 80,695 shares of the transportation company's stock valued at $4,443,000 after purchasing an additional 4,020 shares during the period. Finally, Drive Wealth Management LLC acquired a new position in Allegiant Travel in the 3rd quarter valued at $471,000. 85.81% of the stock is owned by 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.