Raymond James Increases Allegiant Travel (NASDAQ:ALGT) Price Target to $110.00

Allegiant Travel (NASDAQ:ALGT - Get Free Report) had its price target increased by investment analysts at Raymond James from $75.00 to $110.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the transportation company's stock. Raymond James' target price would indicate a potential upside of 19.25% from the stock's current price.

A number of other research firms have also recently commented on ALGT. Wolfe Research cut shares of Allegiant Travel from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 4th. TD Cowen increased their target price on Allegiant Travel from $50.00 to $70.00 and gave the company a "hold" rating in a research note on Tuesday, December 17th. Barclays raised their price target on Allegiant Travel from $50.00 to $75.00 and gave the company an "equal weight" rating in a research report on Thursday, November 14th. Morgan Stanley raised their price objective on Allegiant Travel from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, December 11th. Finally, Susquehanna upped their target price on Allegiant Travel from $55.00 to $60.00 and gave the stock a "neutral" rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $69.11.

Allegiant Travel Price Performance

Shares of ALGT traded up $1.13 during trading hours on Monday, reaching $92.24. 245,955 shares of the company's stock traded hands, compared to its average volume of 366,463. 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 firm's 50 day simple moving average is $76.68 and its 200-day simple moving average is $58.11. The stock has a market cap of $1.69 billion, a PE ratio of -61.49, a price-to-earnings-growth ratio of 7.17 and a beta of 1.67. Allegiant Travel has a 12 month low of $36.08 and a 12 month high of $94.45.

Insider Transactions at Allegiant Travel

In related news, COO Keny Frank Wilper sold 635 shares of the firm's stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total value of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares of the company's stock, valued at $1,025,169.57. This trade represents a 3.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $84.46, for a total value of $2,391,822.74. Following the transaction, the chairman now directly owns 2,147,730 shares of the company's stock, valued at $181,397,275.80. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,600 shares of company stock worth $2,476,465. Insiders own 15.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in shares of Allegiant Travel by 2.5% during the 3rd quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company's stock valued at $34,584,000 after purchasing an additional 14,852 shares in the last quarter. Barclays PLC lifted its holdings in Allegiant Travel by 136.9% in the third quarter. Barclays PLC now owns 31,876 shares of the transportation company's stock worth $1,755,000 after buying an additional 18,421 shares during the period. Geode Capital Management LLC boosted its position in Allegiant Travel by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 364,755 shares of the transportation company's stock valued at $20,089,000 after acquiring an additional 5,424 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Allegiant Travel by 15.0% during the 3rd quarter. XTX Topco Ltd now owns 17,491 shares of the transportation company's stock worth $963,000 after acquiring an additional 2,279 shares during the period. Finally, State Street Corp raised its position in shares of Allegiant Travel by 1.7% in the 3rd quarter. State Street Corp now owns 608,977 shares of the transportation company's stock worth $33,530,000 after acquiring an additional 10,050 shares in the last quarter. 85.81% of the stock is owned by hedge funds and other institutional investors.

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.