Allegiant Travel (NASDAQ:ALGT) Short Interest Down 17.3% in October

Allegiant Travel (NASDAQ:ALGT - Get Free Report) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 1,530,000 shares, a drop of 17.3% from the October 15th total of 1,850,000 shares. Based on an average daily volume of 411,700 shares, the days-to-cover ratio is presently 3.7 days. Approximately 10.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of brokerages recently commented on ALGT. Wolfe Research downgraded Allegiant Travel from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 4th. TD Cowen lifted their target price on Allegiant Travel from $42.00 to $50.00 and gave the stock a "hold" rating in a research note on Friday, November 1st. Barclays increased their price target on shares of Allegiant Travel from $50.00 to $75.00 and gave the company an "equal weight" rating in a research report on Thursday. Susquehanna lifted their price objective on shares of Allegiant Travel from $55.00 to $60.00 and gave the stock a "neutral" rating in a research report on Monday, November 4th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $83.00 target price on shares of Allegiant Travel in a research report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $70.11.

Insider Buying and Selling at Allegiant Travel

In other news, COO Keny Frank Wilper sold 635 shares of Allegiant Travel stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total value of $39,808.15. Following the completion of the sale, the chief operating officer now owns 16,353 shares in the company, valued at $1,025,169.57. The trade was a 3.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gary Ellmer sold 1,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $45.00, for a total transaction of $45,000.00. Following the transaction, the director now directly owns 7,490 shares in the company, valued at $337,050. This trade represents a 11.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,334 shares of company stock valued at $117,158. 15.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allegiant Travel

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGT. Janney Montgomery Scott LLC lifted its holdings in Allegiant Travel by 18.8% in the first quarter. Janney Montgomery Scott LLC now owns 7,799 shares of the transportation company's stock valued at $587,000 after acquiring an additional 1,235 shares during the period. SG Americas Securities LLC purchased a new stake in Allegiant Travel during the first quarter valued at approximately $141,000. ProShare Advisors LLC increased its position in shares of Allegiant Travel by 6.9% during the 1st quarter. ProShare Advisors LLC now owns 3,155 shares of the transportation company's stock valued at $237,000 after purchasing an additional 203 shares during the last quarter. Vanguard Group Inc. boosted its stake in Allegiant Travel by 2.3% during the first quarter. Vanguard Group Inc. now owns 1,749,649 shares of the transportation company's stock worth $131,591,000 after buying an additional 38,612 shares during the period. Finally, Donald Smith & CO. Inc. increased its position in Allegiant Travel by 106.7% during the first quarter. Donald Smith & CO. Inc. now owns 309,781 shares of the transportation company's stock valued at $23,299,000 after acquiring an additional 159,892 shares during the last quarter. 85.81% of the stock is owned by institutional investors.

Allegiant Travel Stock Up 1.4 %

Allegiant Travel stock traded up $1.07 during mid-day trading on Friday, hitting $77.15. The company had a trading volume of 253,731 shares, compared to its average volume of 370,921. Allegiant Travel has a 12 month low of $36.08 and a 12 month high of $85.91. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36. The stock's 50 day moving average price is $57.21 and its two-hundred day moving average price is $51.71. The company has a market capitalization of $1.42 billion, a PE ratio of -51.95, a price-to-earnings-growth ratio of 5.92 and a beta of 1.61.

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.

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