Allegiant Travel (NASDAQ:ALGT) Shares Gap Down – Here’s What Happened

Allegiant Travel Company (NASDAQ:ALGT)’s share price gapped down prior to trading on Wednesday. The stock had previously closed at $73.59, but opened at $71.59. Allegiant Travel shares last traded at $72.7980, with a volume of 30,529 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ALGT shares. Weiss Ratings raised shares of Allegiant Travel from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Bank of America increased their target price on Allegiant Travel from $100.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Melius Research raised Allegiant Travel from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Tuesday, July 7th. Morgan Stanley lifted their price target on Allegiant Travel from $100.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Finally, Barclays dropped their price target on Allegiant Travel from $145.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $123.38.

Allegiant Travel Stock Down 2.1%

The stock has a market capitalization of $1.97 billion, a PE ratio of 51.10 and a beta of 1.55. The stock’s 50-day moving average is $75.94 and its 200 day moving average is $87.96.

Allegiant Travel (NASDAQ:ALGT) last released its earnings results on Tuesday, August 4th. The transportation company reported $2.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.92. The company had revenue of $943.49 million during the quarter, compared to analysts’ expectations of $982.70 million. During the same quarter in the previous year, the company earned $1.23 EPS. The firm’s quarterly revenue was up 36.8% compared to the same quarter last year. Allegiant Travel has set its Q3 2026 guidance at -1.000–0.000 EPS. As a group, equities research analysts forecast that Allegiant Travel Company will post 5.64 EPS for the current year.

Institutional Investors Weigh In On Allegiant Travel

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System bought a new position in shares of Allegiant Travel in the first quarter worth about $486,000. Wellington Management Group LLP acquired a new position in shares of Allegiant Travel during the 2nd quarter worth about $26,232,000. Venture Visionary Partners LLC bought a new stake in Allegiant Travel during the 3rd quarter valued at approximately $2,745,000. VELA Investment Management LLC bought a new stake in Allegiant Travel during the 2nd quarter valued at approximately $4,461,000. Finally, BlackRock Inc. acquired a new stake in Allegiant Travel in the 2nd quarter valued at approximately $416,591,000. 85.81% of the stock is owned by hedge funds and other institutional investors.

About Allegiant Travel

Allegiant Travel Company is a leisure-focused travel company headquartered in Las Vegas, Nevada. Its principal operating subsidiary, Allegiant Air, is a low-cost airline that provides scheduled and charter passenger service, primarily connecting smaller and mid-sized U.S. cities with popular vacation destinations.

Allegiant Air’s business model emphasizes nonstop routes, low base fares and optional services such as seat selection, baggage, priority boarding and other travel-related amenities.