Allegiant Travel (NASDAQ:ALGT) Price Target Cut to $98.00 by Analysts at Citigroup

Allegiant Travel (NASDAQ:ALGT) had its target price decreased by Citigroup from $114.00 to $98.00 in a research report sent to investors on Friday morning,Benzinga reports. Citigroup currently has a neutral rating on the transportation company’s stock.

Other equities analysts have also issued research reports about the stock. Zacks Research upgraded shares of Allegiant Travel from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Bank of America raised Allegiant Travel from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $55.00 to $95.00 in a research report on Tuesday, January 6th. Morgan Stanley boosted their price objective on Allegiant Travel from $85.00 to $100.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Barclays upped their target price on Allegiant Travel from $60.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, January 12th. Finally, Raymond James Financial cut Allegiant Travel from a “strong-buy” rating to an “outperform” rating and raised their target price for the stock from $78.00 to $98.00 in a research note on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $97.64.

Allegiant Travel Price Performance

ALGT stock opened at $77.05 on Friday. The company has a fifty day moving average price of $93.73 and a 200-day moving average price of $78.99. The company has a market capitalization of $1.42 billion, a P/E ratio of -29.98, a PEG ratio of 0.19 and a beta of 1.56. 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.

Insider Activity

In other news, Chairman Maurice J. Gallagher, Jr. sold 175,000 shares of the 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 owned 1,962,348 shares of the company’s stock, valued at $224,159,012.04. This represents a 8.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 300,000 shares of company stock worth $34,350,512. 14.70% of the stock is owned by corporate insiders.

Institutional Trading of Allegiant Travel

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Heartland Advisors Inc. bought a new stake in Allegiant Travel during the 3rd quarter valued at $12,747,000. Balyasny Asset Management L.P. bought a new position in shares of Allegiant Travel in the fourth quarter valued at $16,405,000. Donald Smith & CO. Inc. grew its holdings in shares of 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 valued at $82,789,000 after buying an additional 156,186 shares during the last quarter. Apollo Management Holdings L.P. acquired a new position in shares of Allegiant Travel during the second quarter valued at about $6,124,000. Finally, Jump Financial LLC increased its position in shares of Allegiant Travel by 195.5% during the second 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 in the last quarter. 85.81% of the stock is owned by institutional investors.

Allegiant Travel Company Profile

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.