Barclays Boosts Allegiant Travel (NASDAQ:ALGT) Price Target to $75.00

Allegiant Travel (NASDAQ:ALGT) had its target price lifted by investment analysts at Barclays from $50.00 to $75.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the transportation company’s stock. Barclays‘s price target suggests a potential downside of 3.46% from the company’s current price.

Several other research firms have also weighed in on ALGT. Wolfe Research lowered shares of Allegiant Travel from a “strong-buy” rating to a “hold” rating in a report on Monday, November 4th. 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 raised their price objective on shares of Allegiant Travel from $60.00 to $65.00 and gave the stock an “in-line” rating in a report on Thursday, October 3rd. Finally, Susquehanna raised their price objective on shares of Allegiant Travel from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Allegiant Travel has an average rating of “Hold” and a consensus price target of $70.11.

Allegiant Travel Price Performance

Shares of ALGT stock opened at $77.69 on Thursday. Allegiant Travel has a 52-week low of $36.08 and a 52-week high of $85.91. The stock has a market cap of $1.43 billion, a PE ratio of -51.79, a PEG ratio of 5.92 and a beta of 1.61. 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 firm’s 50 day moving average price is $57.95 and its two-hundred day moving average price is $51.85.

Insider Buying and Selling at Allegiant Travel

In related news, Director Gary Ellmer sold 1,000 shares of Allegiant Travel stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the completion of the sale, the director now owns 7,490 shares of the company’s stock, valued at approximately $337,050. The trade was a 11.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Keny Frank Wilper sold 635 shares of Allegiant Travel stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $62.69, for a total transaction of $39,808.15. Following the sale, the chief operating officer now directly owns 16,353 shares of the company’s stock, valued at $1,025,169.57. The trade was a 3.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,334 shares of company stock worth $117,158. 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 ALGT. Donald Smith & CO. Inc. raised its position in shares of 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 buying an additional 516,545 shares in the last quarter. U S Global Investors Inc. increased its position in Allegiant Travel by 51.9% during the 3rd 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 in the last quarter. Clearbridge Investments LLC acquired a new position in Allegiant Travel during the 2nd quarter worth approximately $8,959,000. Millennium Management LLC increased its position in 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 purchasing an additional 150,197 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Allegiant Travel during the 3rd quarter worth approximately $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.