Allegiant Travel (NASDAQ:ALGT) Stock Price Down 7%

Allegiant Travel (NASDAQ:ALGT) fell 7% during mid-day trading on Thursday . The company traded as low as $51.82 and last traded at $52.15. 57,545 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 342,355 shares. The stock had previously closed at $56.07.

Analyst Ratings Changes

ALGT has been the subject of several research analyst reports. Morgan Stanley cut their target price on shares of Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. TD Cowen cut their target price on Allegiant Travel from $60.00 to $39.00 and set a “hold” rating for the company in a research note on Wednesday, July 17th. Susquehanna decreased their price target on shares of Allegiant Travel from $60.00 to $55.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 16th. Barclays reduced their price objective on shares of Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating and dropped their price target for the stock from $75.00 to $53.00 in a research report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.13.

Allegiant Travel Stock Performance

The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt-to-equity ratio of 1.35. The stock’s 50 day moving average price is $50.84 and its 200 day moving average price is $62.40. The company has a market capitalization of $894.18 million, a price-to-earnings ratio of 15.69, a P/E/G ratio of 2.27 and a beta of 1.66.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings results on Tuesday, May 7th. The transportation company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.06. The firm had revenue of $656.70 million for the quarter, compared to analyst estimates of $645.23 million. Allegiant Travel had a return on equity of 0.50% and a net margin of 2.26%. During the same quarter in the previous year, the firm earned $3.04 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Analysts expect that Allegiant Travel will post 3.08 earnings per share for the current year.

Allegiant Travel Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date of this dividend was Tuesday, May 14th. Allegiant Travel’s dividend payout ratio (DPR) is presently 75.95%.

Insider Transactions at Allegiant Travel

In other Allegiant Travel news, COO Keny Frank Wilper sold 1,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $51.00, for a total transaction of $51,000.00. Following the transaction, the chief operating officer now owns 9,422 shares in the company, valued at approximately $480,522. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Keny Frank Wilper sold 1,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $51.00, for a total transaction of $51,000.00. Following the sale, the chief operating officer now directly owns 9,422 shares of the company’s stock, valued at approximately $480,522. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Robert Paul Wilson III sold 4,600 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $54.00, for a total value of $248,400.00. Following the completion of the transaction, the executive vice president now directly owns 75,698 shares of the company’s stock, valued at approximately $4,087,692. The disclosure for this sale can be found here. In the last three months, insiders sold 26,037 shares of company stock worth $1,395,948. 17.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allegiant Travel

A number of institutional investors and hedge funds have recently bought and sold shares of ALGT. GAMMA Investing LLC acquired a new position in shares of Allegiant Travel in the fourth quarter valued at approximately $28,000. Innealta Capital LLC acquired a new position in Allegiant Travel in the 2nd quarter valued at approximately $34,000. Tradewinds Capital Management LLC acquired a new position in shares of Allegiant Travel during the fourth quarter worth $83,000. CWM LLC grew its stake in shares of Allegiant Travel by 275.1% in the second quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock worth $64,000 after purchasing an additional 930 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in Allegiant Travel during the 1st quarter worth $141,000. 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.