Allegiant Travel (NASDAQ:ALGT) Shares Up 7.3% Following Strong Earnings

Shares of Allegiant Travel (NASDAQ:ALGTGet Free Report) were up 7.3% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $79.16 and last traded at $78.44. Approximately 129,494 shares changed hands during trading, a decline of 48% from the average daily volume of 247,814 shares. The stock had previously closed at $73.10.

The transportation company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.52. Allegiant Travel had a net margin of 6.71% and a return on equity of 8.15%. The business had revenue of $611.00 million during the quarter, compared to analyst estimates of $596.42 million. During the same period last year, the firm posted $3.17 EPS. The company’s revenue was down .1% on a year-over-year basis.

Analyst Ratings Changes

Several research firms recently weighed in on ALGT. Raymond James decreased their price objective on Allegiant Travel from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday. Morgan Stanley reduced their target price on Allegiant Travel from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 7th. StockNews.com downgraded Allegiant Travel from a “hold” rating to a “sell” rating in a research note on Monday, November 6th. TD Cowen upped their target price on Allegiant Travel from $82.00 to $85.00 and gave the company a “market perform” rating in a report on Tuesday. Finally, Susquehanna lowered their price target on Allegiant Travel from $120.00 to $80.00 and set a “neutral” rating for the company in a report on Wednesday, October 11th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $97.14.

Read Our Latest Report on Allegiant Travel

Institutional Trading of Allegiant Travel

Institutional investors and hedge funds have recently bought and sold shares of the company. US Bancorp DE grew its holdings in Allegiant Travel by 13.0% in the 1st quarter. US Bancorp DE now owns 1,158 shares of the transportation company’s stock worth $188,000 after buying an additional 133 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Allegiant Travel by 20.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,522 shares of the transportation company’s stock valued at $410,000 after purchasing an additional 432 shares in the last quarter. Citigroup Inc. boosted its stake in Allegiant Travel by 4.9% during the 1st quarter. Citigroup Inc. now owns 20,574 shares of the transportation company’s stock valued at $3,341,000 after purchasing an additional 959 shares in the last quarter. AlphaCrest Capital Management LLC bought a new position in Allegiant Travel during the 1st quarter valued at $390,000. Finally, Bank of Montreal Can boosted its stake in Allegiant Travel by 5.0% during the 1st quarter. Bank of Montreal Can now owns 4,774 shares of the transportation company’s stock valued at $771,000 after purchasing an additional 228 shares in the last quarter. Institutional investors and hedge funds own 81.23% of the company’s stock.

Allegiant Travel Trading Up 7.4 %

The firm has a 50 day moving average price of $78.17 and a two-hundred day moving average price of $81.72. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.05 and a current ratio of 1.09. The firm has a market capitalization of $1.44 billion, a P/E ratio of 8.42 and a beta of 1.61.

Allegiant Travel Company Profile

(Get Free Report)

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, 2023, it operated a fleet of 122 Airbus A320 series aircraft.

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