Allegiant Travel (NASDAQ:ALGT) Price Target Lowered to $85.00 at Morgan Stanley

Allegiant Travel (NASDAQ:ALGT) had its target price lowered by Morgan Stanley from $93.00 to $85.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the transportation company’s stock.

Several other analysts have also recently issued reports on the stock. TD Cowen upped their price target on shares of Allegiant Travel from $35.00 to $50.00 and gave the company a “hold” rating in a report on Monday, May 12th. Barclays lowered their target price on shares of Allegiant Travel from $60.00 to $52.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Bank of America lowered their target price on shares of Allegiant Travel from $95.00 to $50.00 and set an “underperform” rating for the company in a research note on Thursday, April 3rd. UBS Group boosted their target price on shares of Allegiant Travel from $45.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. Finally, Raymond James reiterated a “strong-buy” rating and set a $80.00 target price (down previously from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $63.70.

Allegiant Travel Stock Performance

Allegiant Travel stock opened at $55.11 on Monday. Allegiant Travel has a 52 week low of $36.09 and a 52 week high of $107.57. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 1.36. The stock has a market cap of $1.01 billion, a P/E ratio of -4.12 and a beta of 1.78. The stock has a 50 day moving average of $50.26 and a 200-day moving average of $72.71.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings results on Tuesday, May 6th. The transportation company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.27. The firm had revenue of $699.07 million for the quarter, compared to analysts’ expectations of $700.00 million. Allegiant Travel had a negative net margin of 9.56% and a positive return on equity of 3.33%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 earnings per share. On average, analysts expect that Allegiant Travel will post 7.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Allegiant Travel

A number of large investors have recently made changes to their positions in ALGT. Donald Smith & CO. Inc. lifted its position in Allegiant Travel by 32.6% in the 1st quarter. Donald Smith & CO. Inc. now owns 1,350,447 shares of the transportation company’s stock worth $69,751,000 after buying an additional 331,998 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Allegiant Travel in the 4th quarter worth approximately $26,067,000. Emerald Advisers LLC purchased a new stake in Allegiant Travel in the 4th quarter worth approximately $22,256,000. Federated Hermes Inc. purchased a new stake in Allegiant Travel in the 1st quarter worth approximately $9,864,000. Finally, Voloridge Investment Management LLC acquired a new position in Allegiant Travel in the fourth quarter worth approximately $16,713,000. Institutional investors and hedge funds 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.