Allegiant Travel (NASDAQ:ALGT) Trading Down 10.6% - What's Next?

Allegiant Travel (NASDAQ:ALGT - Get Free Report)'s stock price dropped 10.6% on Wednesday . The stock traded as low as $89.01 and last traded at $88.58. Approximately 87,871 shares changed hands during trading, a decline of 70% from the average daily volume of 295,973 shares. The stock had previously closed at $99.11.

Analysts Set New Price Targets

A number of analysts recently weighed in on ALGT shares. UBS Group assumed coverage on shares of Allegiant Travel in a research report on Tuesday, November 26th. They set a "neutral" rating and a $16.00 price target for the company. StockNews.com upgraded Allegiant Travel from a "sell" rating to a "hold" rating in a research note on Wednesday, January 15th. Raymond James boosted their price target on Allegiant Travel from $75.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, December 30th. Barclays increased their price objective 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. Finally, Morgan Stanley boosted their target price on shares of Allegiant Travel from $90.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Allegiant Travel has an average rating of "Hold" and an average target price of $80.10.

Allegiant Travel Stock Performance

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 simple moving average is $93.15 and its 200 day simple moving average is $68.26.

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 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%. On average, research analysts expect that Allegiant Travel will post 7.15 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of Allegiant Travel stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $84.46, for a total transaction of $2,391,822.74. Following the sale, the chairman now owns 2,147,730 shares of the company's stock, valued at approximately $181,397,275.80. The trade was a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the stock in a transaction that occurred on 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 $940,970.50. This trade represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.80% of the stock is owned by company insiders.

Institutional Trading of Allegiant Travel

A number of institutional investors have recently made changes to their positions in ALGT. Donald Smith & CO. Inc. raised its holdings in Allegiant Travel by 20.2% during the third quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company's stock worth $54,701,000 after purchasing an additional 167,148 shares in the last quarter. U S Global Investors Inc. raised its stake in shares of Allegiant Travel by 51.9% in the 3rd quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company's stock worth $40,823,000 after buying an additional 253,198 shares in the last quarter. State Street Corp lifted its holdings in shares of Allegiant Travel by 1.7% in the third quarter. State Street Corp now owns 608,977 shares of the transportation company's stock valued at $33,530,000 after buying an additional 10,050 shares during the period. Franklin Resources Inc. boosted its stake in Allegiant Travel by 2.5% during the third quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company's stock valued at $34,584,000 after buying an additional 14,852 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Allegiant Travel by 1.5% during the third quarter. Geode Capital Management LLC now owns 364,755 shares of the transportation company's stock valued at $20,089,000 after buying an additional 5,424 shares in the last quarter. 85.81% of the stock is owned by institutional investors and hedge funds.

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.