TD Cowen Increases Allegiant Travel (NASDAQ:ALGT) Price Target to $70.00

Allegiant Travel (NASDAQ:ALGT) had its price target raised by equities research analysts at TD Cowen from $50.00 to $70.00 in a research note issued on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a “hold” rating on the transportation company’s stock. TD Cowen’s price objective indicates a potential downside of 17.08% from the company’s previous close.

A number of other research firms have also recently weighed in on ALGT. The Goldman Sachs Group restated a “neutral” rating and issued a $83.00 price target on shares of Allegiant Travel in a report on Friday, November 15th. UBS Group initiated coverage on Allegiant Travel in a research note on Tuesday, November 26th. They issued a “neutral” rating and a $16.00 price target on the stock. Barclays raised their price objective on Allegiant Travel from $50.00 to $75.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. Wolfe Research lowered Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Evercore ISI increased their target price on Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a research note on Thursday, October 3rd. Nine equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $68.00.

Allegiant Travel Stock Performance

Allegiant Travel stock opened at $84.42 on Tuesday. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -56.28, a price-to-earnings-growth ratio of 7.17 and a beta of 1.67. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.75 and a quick ratio of 0.72. Allegiant Travel has a 12 month low of $36.08 and a 12 month high of $94.45. The stock’s 50-day moving average is $71.75 and its 200-day moving average is $55.99.

Insider Activity at Allegiant Travel

In related news, COO Keny Frank Wilper sold 635 shares of Allegiant Travel stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sandra Douglass Morgan sold 350 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $80.77, for a total transaction of $28,269.50. Following the completion of the transaction, the director now owns 11,650 shares of the company’s stock, valued at approximately $940,970.50. This trade represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,600 shares of company stock valued at $2,476,465. Corporate insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On Allegiant Travel

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Donald Smith & CO. Inc. increased its position 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% during 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 period. Clearbridge Investments LLC bought a new stake in shares of Allegiant Travel during the second quarter valued at about $8,959,000. Millennium Management LLC lifted its holdings in Allegiant Travel by 779.8% in the second quarter. Millennium Management LLC now owns 169,459 shares of the transportation company’s stock worth $8,512,000 after purchasing an additional 150,197 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Allegiant Travel in the 3rd quarter valued at about $63,540,000. 85.81% of the stock is currently 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.