Allegiant Travel (NASDAQ:ALGT – Get Free Report) fell 8.5% on Thursday after TD Cowen cut its price target for the company from $60.00 to $39.00. TD Cowen currently rates the stock a Hold. Allegiant Travel fell as low as $46.30 and was last traded at $47.56. 657,573 shares were traded during trading, up 98% from the session’s average volume of 332,894 shares. The stock’s previous close was $51.97.
ALGT has been the subject of several other reports. Evercore ISI lowered their price target on Allegiant Travel from $85.00 to $60.00 and gave the company an “in-line” rating in a research report on Monday. Barclays lowered their price target on Allegiant Travel from $55.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft lowered Allegiant Travel from a “buy” rating to a “hold” rating and lowered their price target on the stock from $75.00 to $53.00 in a research report on Monday, July 8th. Susquehanna lowered their price target on Allegiant Travel from $60.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Morgan Stanley lowered their price target on Allegiant Travel from $95.00 to $87.00 and gave the company an “equal weight” rating in a research note on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, and one has given a buy rating. According to MarketBeat, the stock’s current consensus rating is a “hold” and the average target price is $62.13.
Read the latest research report on ALGT
Insider trading
In other Allegiant Travel news, Chief Operating Officer, Kenny Frank Wilper sold 1,000 shares of Allegiant Travel stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $51.00, for a total value of $51,000.00. Following the sale, the COO now directly owns 9,422 shares of the company’s stock, valued at approximately $480,522. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Chief Operating Officer, Kenny Frank Wilper sold 1,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $51.00, for a total value of $51,000.00. Following the completion of the transaction, the Chief Operating Officer now directly owns 9,422 shares of the company’s stock, valued at approximately $480,522. The sale was disclosed in a filing with the SEC, available at this link. Also, CMO Scott Wayne DeAngelo sold 19,687 shares of Allegiant Travel stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $53.68, for a total proceeds of $1,056,798.16. Following the completion of the sale, the Chief Marketing Officer now directly owns 64,812 shares of the company’s stock, valued at approximately $3,479,108.16. The disclosure for this sale can be found here. During the last quarter, insiders sold 26,037 shares of the company’s stock, valued at $1,395,948. 17.50% of the stock is owned by insiders.
Hedge funds step in to take on Allegiant Travel
Institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in shares of Allegiant Travel in the fourth quarter, valued at approximately $141.35 million. Donald Smith & CO. Inc. increased its holdings in shares of Allegiant Travel by 106.7% in the first quarter. Donald Smith & CO. Inc. now owns 309,781 shares of the transportation company’s stock, valued at $23,299,000, after acquiring an additional 159,892 shares during the period. US Global Investors Inc. increased its holdings in shares of Allegiant Travel by 23.4% in the fourth quarter. US Global Investors Inc. now owns 647,055 shares of the transportation company’s stock, valued at $53,453,000, after acquiring an additional 122,844 shares during the quarter. Dimensional Fund Advisors LP increased its holdings in Allegiant Travel by 14.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 798,573 shares of the transportation company’s stock, valued at $65,972,000, after purchasing an additional 98,662 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Co. Ltd. purchased a new stake in Allegiant Travel during the fourth quarter, valued at approximately $7,187,000. Institutional investors now own 85.81% of the company’s shares.
Allegiant Travel Price Performance
The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.74 and a current ratio of 0.76. The company has a market capitalization of $900.2 million, a P/E ratio of 15.63, a P/G ratio of 1.94 and a beta of 1.66. The company’s 50-day moving average is $51.29 and its 200-day moving average is $64.27.
Allegiant Travel (NASDAQ:ALGT – Get free report ) announced its quarterly earnings on Tuesday, May 7th. The transportation company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.06. Allegiant Travel had a return on equity of 0.50% and a net margin of 2.26%. The company’s quarterly revenue was $656.70 million, beating the consensus estimate of $645.23 million. Year-over-year earnings per share were $3.04. The company’s quarterly revenue was up 1.1% year-over-year. Analysts expect Allegiant Travel to post earnings per share of $3.46 for the current fiscal year.
Allegiant Travel announces dividend
The company also recently declared a quarterly dividend, paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th were paid a $0.60 dividend. This equates to a $2.40 dividend on an annualized basis, or a dividend yield of 4.86%. The ex-dividend date for this dividend was Tuesday, May 14th. Allegiant Travel’s dividend payout ratio is currently 75.95%.
Allegiant Travel Company Profile
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Allegiant Travel Company, a leisure travel company, provides travel services and products to residents of underserved cities across the United States. The company offers scheduled air transportation with limited frequency nonstop flights between underserved cities and leisure destinations. As of February 1, 2024, the company operates a fleet of 126 Airbus A320 Series aircraft.
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