Allegiant Travel (NASDAQ:ALGT) Cut to Hold at Zacks Research

Zacks Research cut shares of Allegiant Travel (NASDAQ:ALGT) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages also recently commented on ALGT. Susquehanna reiterated a “positive” rating and set a $110.00 target price on shares of Allegiant Travel in a research note on Friday, February 6th. Citigroup dropped their price target on Allegiant Travel from $114.00 to $98.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Barclays lifted their price objective on shares of Allegiant Travel from $60.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, January 12th. UBS Group upped their price objective on shares of Allegiant Travel from $90.00 to $93.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Allegiant Travel in a research report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $97.91.

Allegiant Travel Stock Performance

Allegiant Travel stock opened at $82.83 on Wednesday. Allegiant Travel has a 52 week low of $39.80 and a 52 week high of $118.00. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.92 and a current ratio of 0.95. The stock has a market capitalization of $1.53 billion, a P/E ratio of -32.23, a PEG ratio of 0.24 and a beta of 1.63. The stock has a 50-day simple moving average of $92.37 and a 200 day simple moving average of $80.27.

Insider Activity at Allegiant Travel

In related news, Chairman Maurice J. Gallagher, Jr. sold 175,000 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $114.23, for a total transaction of $19,990,250.00. Following the transaction, the chairman directly owned 1,962,348 shares of the company’s stock, valued at approximately $224,159,012.04. This trade represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 300,000 shares of company stock valued at $34,350,512 in the last 90 days. Corporate insiders own 14.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Heartland Advisors Inc. bought a new position in shares of Allegiant Travel during the third quarter worth approximately $12,747,000. Balyasny Asset Management L.P. bought a new stake in shares of Allegiant Travel in the fourth quarter valued at approximately $16,405,000. Donald Smith & CO. Inc. grew its position in Allegiant Travel by 11.6% during the second quarter. Donald Smith & CO. Inc. now owns 1,506,633 shares of the transportation company’s stock worth $82,789,000 after buying an additional 156,186 shares in the last quarter. Apollo Management Holdings L.P. bought a new position in Allegiant Travel during the 2nd quarter worth $6,124,000. Finally, Jump Financial LLC increased its stake in Allegiant Travel by 195.5% during the 2nd quarter. Jump Financial LLC now owns 127,800 shares of the transportation company’s stock worth $7,023,000 after acquiring an additional 84,555 shares during the period. Institutional investors and hedge funds own 85.81% of the company’s stock.

About Allegiant Travel

Allegiant Travel Company is a holding company that operates Allegiant Air, a low‐cost leisure airline offering scheduled and charter air service. The company focuses on connecting underserved secondary markets with popular vacation destinations across the United States. By targeting price‐sensitive leisure travelers, Allegiant Air operates a point‐to‐point network that avoids the traditional hub‐and‐spoke model, providing non‐stop flights from smaller cities to resort and entertainment hubs.

In addition to its core flight operations, Allegiant Travel Company offers packaged travel services that include hotel accommodations, rental cars and attraction tickets through its online portal.