Morgan Stanley Raises Allegiant Travel (NASDAQ:ALGT) Price Target to $90.00

Allegiant Travel (NASDAQ:ALGT - Free Report) had its price target boosted by Morgan Stanley from $80.00 to $90.00 in a research note released on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the transportation company's stock.

A number of other equities research analysts have also commented on the stock. TD Cowen raised their price objective on shares of Allegiant Travel from $42.00 to $50.00 and gave the stock a "hold" rating in a report on Friday, November 1st. Evercore ISI increased their target price on Allegiant Travel from $60.00 to $65.00 and gave the stock an "in-line" rating in a report on Thursday, October 3rd. Barclays boosted their price target on Allegiant Travel from $50.00 to $75.00 and gave the company an "equal weight" rating in a report on Thursday, November 14th. Wolfe Research downgraded Allegiant Travel from a "strong-buy" rating to a "hold" rating in a report on Monday, November 4th. Finally, Susquehanna boosted their target price on Allegiant Travel from $55.00 to $60.00 and gave the company a "neutral" rating in a research note on Monday, November 4th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Allegiant Travel presently has a consensus rating of "Hold" and a consensus target price of $65.78.

Allegiant Travel Stock Up 4.7 %

NASDAQ ALGT traded up $3.92 during trading hours on Wednesday, reaching $86.70. 387,764 shares of the company's stock were exchanged, compared to its average volume of 368,206. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -55.19, a price-to-earnings-growth ratio of 6.60 and a beta of 1.67. The company's 50-day moving average is $69.39 and its two-hundred day moving average is $54.95. Allegiant Travel has a one year low of $36.08 and a one year high of $87.67.

Insiders Place Their Bets

In other news, Director Sandra Douglass Morgan sold 350 shares of Allegiant Travel stock in a transaction dated Wednesday, November 27th. The shares were 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 owns 11,650 shares of the company's stock, valued at $940,970.50. This trade represents a 2.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Keny Frank Wilper sold 635 shares of the company's stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $62.69, for a total transaction of $39,808.15. Following the completion of the sale, the chief operating officer now directly owns 16,353 shares in the company, valued at approximately $1,025,169.57. The trade was a 3.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,600 shares of company stock valued at $2,476,465 in the last 90 days. 15.80% of the stock is currently owned by insiders.

Institutional Trading of Allegiant Travel

Hedge funds have recently made changes to their positions in the business. Donald Smith & CO. Inc. raised its stake in Allegiant Travel by 166.7% in the 2nd quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company's stock valued at $41,506,000 after acquiring an additional 516,545 shares during the period. U S Global Investors Inc. increased its holdings in shares of Allegiant Travel by 51.9% in the third quarter. U S Global Investors Inc. now owns 741,429 shares of the transportation company's stock valued at $40,823,000 after purchasing an additional 253,198 shares during the last quarter. Clearbridge Investments LLC bought a new position in shares of Allegiant Travel in the second quarter valued at about $8,959,000. Millennium Management LLC lifted its stake in shares of Allegiant Travel by 779.8% during the 2nd quarter. Millennium Management LLC now owns 169,459 shares of the transportation company's stock worth $8,512,000 after buying an additional 150,197 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Allegiant Travel during the 3rd quarter worth about $63,540,000. 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.