Bank of America Forecasts Strong Price Appreciation for Allegiant Travel (NASDAQ:ALGT) Stock

Allegiant Travel (NASDAQ:ALGT - Free Report) had its target price hoisted by Bank of America from $54.00 to $95.00 in a research report report published on Friday,Benzinga reports. Bank of America currently has an underperform rating on the transportation company's stock.

Other research analysts also recently issued research reports about the stock. Morgan Stanley increased their price target on shares of Allegiant Travel from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, December 11th. StockNews.com raised Allegiant Travel from a "sell" rating to a "hold" rating in a research note on Wednesday. UBS Group started coverage on Allegiant Travel in a research report on Tuesday, November 26th. They set a "neutral" rating and a $16.00 target price on the stock. TD Cowen increased their price target on Allegiant Travel from $50.00 to $70.00 and gave the company a "hold" rating in a report on Tuesday, December 17th. Finally, The Goldman Sachs Group lifted their price objective on shares of Allegiant Travel from $83.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Allegiant Travel currently has a consensus rating of "Hold" and an average price target of $79.60.

Allegiant Travel Price Performance

ALGT stock traded up $0.65 during trading on Friday, hitting $102.99. 208,810 shares of the company's stock traded hands, compared to its average volume of 290,819. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $105.15. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -68.66, a P/E/G ratio of 1.33 and a beta of 1.62. The business has a fifty day simple moving average of $85.83 and a 200 day simple moving average of $62.45. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75.

Insider Transactions at Allegiant Travel

In other Allegiant Travel news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $84.46, for a total value of $2,391,822.74. Following the completion of the sale, the chairman now directly owns 2,147,730 shares in the company, valued at approximately $181,397,275.80. This represents a 1.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sandra Douglass Morgan sold 350 shares of the firm's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $80.77, for a total value of $28,269.50. Following the transaction, the director now owns 11,650 shares in the company, valued at approximately $940,970.50. This represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,304 shares of company stock worth $2,459,900. Insiders own 15.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SeaCrest Wealth Management LLC lifted its position in shares of Allegiant Travel by 3.3% in the 4th quarter. SeaCrest Wealth Management LLC now owns 6,210 shares of the transportation company's stock worth $584,000 after purchasing an additional 200 shares during the period. GAMMA Investing LLC raised its stake in Allegiant Travel by 53.5% in the fourth quarter. GAMMA Investing LLC now owns 677 shares of the transportation company's stock worth $64,000 after buying an additional 236 shares in the last quarter. Signaturefd LLC lifted its holdings in Allegiant Travel by 149.2% during the third quarter. Signaturefd LLC now owns 456 shares of the transportation company's stock worth $25,000 after buying an additional 273 shares during the period. Nisa Investment Advisors LLC boosted its position in Allegiant Travel by 136.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 526 shares of the transportation company's stock valued at $29,000 after acquiring an additional 304 shares in the last quarter. Finally, Privium Fund Management UK Ltd increased its holdings in shares of Allegiant Travel by 3.5% in the 3rd quarter. Privium Fund Management UK Ltd now owns 10,549 shares of the transportation company's stock valued at $581,000 after acquiring an additional 358 shares during the period. 85.81% of the stock is currently owned by institutional investors.

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.