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

Allegiant Travel (NASDAQ:ALGT) had its target price raised by Morgan Stanley from $80.00 to $90.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s target price would suggest a potential upside of 3.05% from the company’s current price.

Several other analysts also recently issued reports on ALGT. Wolfe Research downgraded Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. The Goldman Sachs Group restated a “neutral” rating and set a $83.00 price target on shares of Allegiant Travel in a report on Friday, November 15th. UBS Group started coverage on shares of Allegiant Travel in a research note on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price objective for the company. TD Cowen lifted their price objective on shares of Allegiant Travel from $42.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, Susquehanna increased their target price on Allegiant Travel from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Nine research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $65.78.

Allegiant Travel Stock Up 0.7 %

NASDAQ ALGT opened at $87.34 on Wednesday. Allegiant Travel has a 12 month low of $36.08 and a 12 month high of $94.45. The company has a market capitalization of $1.60 billion, a P/E ratio of -58.23, a PEG ratio of 6.60 and a beta of 1.67. The company’s 50 day simple moving average is $70.67 and its 200 day simple moving average is $55.40. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72.

Insider Buying and Selling

In other Allegiant Travel news, COO Keny Frank Wilper sold 635 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were 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 in the company, valued at $1,025,169.57. This trade represents a 3.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Maurice J. Gallagher, Jr. sold 28,319 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $84.46, for a total transaction of $2,391,822.74. Following the transaction, the chairman now owns 2,147,730 shares in the company, valued at approximately $181,397,275.80. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 29,600 shares of company stock valued at $2,476,465. Company insiders own 15.80% of the company’s stock.

Institutional Investors Weigh In On Allegiant Travel

A number of institutional investors have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. lifted its position in shares of Allegiant Travel by 20.2% in the 3rd quarter. Donald Smith & CO. Inc. now owns 993,474 shares of the transportation company’s stock worth $54,701,000 after acquiring an additional 167,148 shares during the period. Diamond Hill Capital Management Inc. lifted its position in Allegiant Travel by 1.9% in the second quarter. Diamond Hill Capital Management Inc. now owns 945,839 shares of the transportation company’s stock worth $47,509,000 after purchasing an additional 17,792 shares during the period. U S Global Investors Inc. lifted its position 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 worth $40,823,000 after purchasing an additional 253,198 shares during the period. State Street Corp boosted its stake in Allegiant Travel by 1.7% during the third quarter. State Street Corp now owns 608,977 shares of the transportation company’s stock worth $33,530,000 after buying an additional 10,050 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Allegiant Travel by 2.5% in the 3rd quarter. Franklin Resources Inc. now owns 600,211 shares of the transportation company’s stock valued at $34,584,000 after buying an additional 14,852 shares during the period. 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.