Allegiant Travel (NASDAQ:ALGT) Shares Down 4.6%

Allegiant Travel (NASDAQ:ALGT)’s stock price dropped 4.6% during mid-day trading on Tuesday . The company traded as low as $53.67 and last traded at $53.67. Approximately 37,992 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 268,564 shares. The stock had previously closed at $56.26.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALGT. Raymond James cut their target price on shares of Allegiant Travel from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, February 6th. Susquehanna lowered their target price on Allegiant Travel from $76.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, April 9th. Barclays dropped their price target on Allegiant Travel from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday. UBS Group assumed coverage on shares of Allegiant Travel in a research note on Wednesday, March 20th. They issued a “sell” rating and a $58.00 price objective on the stock. Finally, TD Cowen upped their target price on shares of Allegiant Travel from $82.00 to $85.00 and gave the company a “market perform” rating in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Allegiant Travel has an average rating of “Hold” and an average target price of $89.13.

Allegiant Travel Price Performance

The company has a quick ratio of 0.80, a current ratio of 0.83 and a debt-to-equity ratio of 1.37. The company’s 50-day moving average is $65.13 and its 200-day moving average is $71.32. The stock has a market cap of $980.41 million, a price-to-earnings ratio of 8.51, a price-to-earnings-growth ratio of 1.16 and a beta of 1.63.

Allegiant Travel (NASDAQ:ALGT) last posted its earnings results on Tuesday, May 7th. The transportation company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.51 by $0.06. Allegiant Travel had a return on equity of 3.80% and a net margin of 4.54%. The business had revenue of $656.70 million during the quarter, compared to the consensus estimate of $645.23 million. During the same quarter last year, the company earned $3.04 EPS. Allegiant Travel’s revenue was up 1.1% on a year-over-year basis. Equities research analysts expect that Allegiant Travel will post 4.61 earnings per share for the current fiscal year.

Allegiant Travel Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend is Tuesday, May 14th. Allegiant Travel’s payout ratio is 37.97%.

Insider Buying and Selling

In related news, Director Gary Ellmer sold 2,000 shares of Allegiant Travel stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $79.10, for a total value of $158,200.00. Following the completion of the transaction, the director now directly owns 8,490 shares of the company’s stock, valued at $671,559. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 17.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Swiss National Bank lifted its stake in shares of Allegiant Travel by 2.0% during the third quarter. Swiss National Bank now owns 10,128 shares of the transportation company’s stock valued at $778,000 after acquiring an additional 200 shares during the period. ProShare Advisors LLC raised its position in shares of Allegiant Travel by 6.9% during the 1st quarter. ProShare Advisors LLC now owns 3,155 shares of the transportation company’s stock valued at $237,000 after acquiring an additional 203 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Allegiant Travel in the 4th quarter valued at about $28,000. 180 Wealth Advisors LLC raised its position in shares of Allegiant Travel by 5.7% in the 1st quarter. 180 Wealth Advisors LLC now owns 7,291 shares of the transportation company’s stock valued at $548,000 after acquiring an additional 392 shares during the period. Finally, Headlands Technologies LLC boosted its stake in Allegiant Travel by 13.0% during the 3rd quarter. Headlands Technologies LLC now owns 3,673 shares of the transportation company’s stock worth $282,000 after acquiring an additional 423 shares during the last quarter. Institutional investors and hedge funds own 85.81% of the company’s stock.

Allegiant Travel Company Profile

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.