Allegiant Travel (NASDAQ:ALGT) Upgraded to Strong-Buy at Raymond James

Allegiant Travel (NASDAQ:ALGT - Get Free Report) was upgraded by investment analysts at Raymond James from an "outperform" rating to a "strong-buy" rating in a research note issued on Wednesday, Marketbeat.com reports. The firm currently has a $90.00 price target on the transportation company's stock, down from their prior price target of $125.00. Raymond James' price target would indicate a potential upside of 100.40% from the stock's previous close.

ALGT has been the topic of several other research reports. Barclays boosted their price target on Allegiant Travel from $85.00 to $100.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. StockNews.com raised shares of Allegiant Travel from a "sell" rating to a "hold" rating in a report on Wednesday, January 15th. Morgan Stanley boosted their target price on Allegiant Travel from $90.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 6th. Susquehanna raised 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. Finally, The Goldman Sachs Group upped their price objective on Allegiant Travel from $83.00 to $92.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $72.60.

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Allegiant Travel Stock Down 3.5 %

NASDAQ ALGT traded down $1.64 during mid-day trading on Wednesday, reaching $44.91. The stock had a trading volume of 311,287 shares, compared to its average volume of 412,345. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72. The stock has a market cap of $823.56 million, a PE ratio of -3.38 and a beta of 1.57. The company has a fifty day moving average price of $72.05 and a 200 day moving average price of $74.84. Allegiant Travel has a 1 year low of $36.09 and a 1 year high of $107.57.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last issued 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 7.7 earnings per share for the current year.

Hedge Funds Weigh In On Allegiant Travel

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. bought a new position in shares of Allegiant Travel in the 4th quarter worth $26,067,000. Emerald Advisers LLC purchased a new stake in Allegiant Travel during the fourth quarter valued at approximately $22,256,000. Voloridge Investment Management LLC purchased a new position in Allegiant Travel in the fourth quarter worth $16,713,000. Mesirow Institutional Investment Management Inc. purchased a new stake in shares of Allegiant Travel during the 4th quarter valued at $13,830,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Allegiant Travel by 16.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 928,641 shares of the transportation company's stock worth $87,404,000 after acquiring an additional 131,561 shares in the last quarter. 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.