Allegiant Travel (NASDAQ:ALGT) Shares Gap Down - Here's Why

Allegiant Travel (NASDAQ:ALGT - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $73.50, but opened at $71.88. Allegiant Travel shares last traded at $73.54, with a volume of 27,331 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Susquehanna increased their price target on Allegiant Travel from $60.00 to $105.00 and gave the company a "neutral" rating in a report on Tuesday, January 7th. Raymond James raised their target price on Allegiant Travel from $75.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday, December 30th. Barclays upped their price objective on Allegiant Travel from $85.00 to $100.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. UBS Group started coverage on shares of Allegiant Travel in a research report on Tuesday, November 26th. They issued a "neutral" rating and a $16.00 target price on the stock. Finally, StockNews.com raised shares of Allegiant Travel from a "sell" rating to a "hold" rating in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Allegiant Travel presently has an average rating of "Hold" and a consensus target price of $80.10.

Allegiant Travel Stock Up 4.8 %

The business's fifty day moving average is $91.96 and its two-hundred day moving average is $72.69. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -4.93 and a beta of 1.63. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The transportation company reported $2.10 EPS for the quarter, topping the consensus estimate 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 analysts forecast that Allegiant Travel will post 7.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allegiant Travel

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crews Bank & Trust acquired a new stake in Allegiant Travel in the fourth quarter valued at approximately $25,000. Jones Financial Companies Lllp increased its position in shares of Allegiant Travel by 94.5% in 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 last quarter. Sterling Capital Management LLC raised its holdings in shares of 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 purchasing an additional 442 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Allegiant Travel by 136.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company's stock worth $29,000 after purchasing an additional 304 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of Allegiant Travel by 30.3% during the fourth quarter. Signaturefd LLC now owns 594 shares of the transportation company's stock worth $56,000 after purchasing an additional 138 shares in the last quarter. 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.