Morgan Stanley Cuts Allegiant Travel (NASDAQ:ALGT) Price Target to $85.00

by · The Cerbat Gem

Allegiant Travel (NASDAQ:ALGT – Free Report) had its price objective lowered by Morgan Stanley from $93.00 to $85.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the transportation company’s stock.

A number of other research firms have also recently weighed in on ALGT. TD Cowen increased their price objective on shares of Allegiant Travel from $35.00 to $50.00 and gave the stock a “hold” rating in a research report on Monday, May 12th. UBS Group raised their price target on Allegiant Travel from $45.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 13th. Raymond James reaffirmed a “strong-buy” rating and issued a $80.00 price objective (down from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. Susquehanna decreased their target price on Allegiant Travel from $95.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Finally, Bank of America lowered their target price on Allegiant Travel from $95.00 to $50.00 and set an “underperform” rating for the company in a report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Allegiant Travel has an average rating of “Hold” and an average price target of $63.70.

View Our Latest Report on Allegiant Travel

Allegiant Travel Price Performance

Shares of NASDAQ ALGT opened at $51.46 on Monday. The firm has a 50-day simple moving average of $50.24 and a 200-day simple moving average of $72.44. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $939.40 million, a price-to-earnings ratio of -3.85 and a beta of 1.78. Allegiant Travel has a 52 week low of $36.09 and a 52 week high of $107.57.

Allegiant Travel (NASDAQ:ALGT – Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The transportation company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.27. The company had revenue of $699.07 million for the quarter, compared to analyst estimates of $700.00 million. Allegiant Travel had a positive return on equity of 3.33% and a negative net margin of 9.56%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, equities analysts predict that Allegiant Travel will post 7.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allegiant Travel

A number of institutional investors have recently modified their holdings of the business. Intech Investment Management LLC lifted its position in Allegiant Travel by 798.5% in the first quarter. Intech Investment Management LLC now owns 58,494 shares of the transportation company’s stock valued at $3,021,000 after purchasing an additional 51,984 shares during the period. Bayforest Capital Ltd lifted its holdings in Allegiant Travel by 1,630.2% in the first quarter. Bayforest Capital Ltd now owns 11,333 shares of the transportation company’s stock valued at $585,000 after acquiring an additional 10,678 shares during the period. Empowered Funds LLC boosted its position in shares of Allegiant Travel by 2.0% during the 1st quarter. Empowered Funds LLC now owns 86,435 shares of the transportation company’s stock worth $4,464,000 after purchasing an additional 1,687 shares in the last quarter. Aristeia Capital L.L.C. purchased a new position in shares of Allegiant Travel in the 1st quarter valued at about $278,000. Finally, Caxton Associates LLP acquired a new stake in shares of Allegiant Travel in the first quarter valued at about $1,218,000. 85.81% of the stock is owned by institutional investors and hedge funds.

About Allegiant Travel

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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.

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