Short Interest in Allegiant Travel (NASDAQ:ALGT) Declines By 9.4%

Allegiant Travel (NASDAQ:ALGT) saw a significant decline in short interest during the month of January. As of January 15th, there was short interest totalling 987,300 shares, a decline of 9.4% from the December 31st total of 1,090,000 shares. Based on an average daily trading volume, of 380,100 shares, the days-to-cover ratio is presently 2.6 days. Approximately 6.9% of the shares of the company are sold short.

Allegiant Travel Trading Down 1.6 %

NASDAQ:ALGT traded down $1.63 during trading hours on Friday, hitting $102.43. 251,317 shares of the stock were exchanged, compared to its average volume of 259,059. The company’s 50 day moving average is $92.11 and its two-hundred day moving average is $66.66. The company has a market capitalization of $1.88 billion, a P/E ratio of -68.29, a price-to-earnings-growth ratio of 1.37 and a beta of 1.62. Allegiant Travel has a twelve month low of $36.08 and a twelve month high of $107.57. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ALGT. Susquehanna raised their price target on shares of Allegiant Travel from $60.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. StockNews.com upgraded Allegiant Travel from a “sell” rating to a “hold” rating in a research report on Wednesday, January 15th. Raymond James increased their price objective on Allegiant Travel from $75.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, December 30th. The Goldman Sachs Group lifted their price objective on Allegiant Travel from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Finally, UBS Group began coverage on shares of Allegiant Travel in a research report on Tuesday, November 26th. They set a “neutral” rating and a $16.00 target price for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Allegiant Travel currently has an average rating of “Hold” and an average target price of $79.60.

Insider Transactions at Allegiant Travel

In other Allegiant Travel news, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the firm’s stock in a transaction that occurred 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 owns 2,147,730 shares in the company, valued at approximately $181,397,275.80. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sandra Douglass Morgan sold 350 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 11,650 shares in the company, valued at approximately $940,970.50. This represents a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Donald Smith & CO. Inc. grew its position in shares of Allegiant Travel by 20.2% during the 3rd quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company’s stock worth $54,701,000 after buying an additional 167,148 shares during the period. U S Global Investors Inc. increased its stake in 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 in the last quarter. State Street Corp raised its holdings in Allegiant Travel by 1.7% in the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock worth $33,530,000 after purchasing an additional 10,050 shares during the period. Franklin Resources Inc. boosted its position in shares of Allegiant Travel by 2.5% during the third quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock worth $34,584,000 after purchasing an additional 14,852 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Allegiant Travel by 1.5% in the 3rd 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 during the period. 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.