Bank of America Upgrades Allegiant Travel (ALGT) to Buy

Allegiant Travel (NASDAQ:ALGT) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $145.00 price objective on the transportation company’s stock. Bank of America’s target price would indicate a potential downside of 6.36% from the company’s previous close.

A number of other research firms have also recently issued reports on ALGT. Deutsche Bank upgraded Allegiant Travel from a “hold” rating to a “buy” rating and raised their target price for the company from $130.00 to $180.00 in a research note on Thursday, December 21st. Citigroup cut their target price on Allegiant Travel from $175.00 to $168.00 and set a “buy” rating on the stock in a research note on Tuesday, September 26th. ValuEngine upgraded Allegiant Travel from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Stifel Nicolaus reiterated a “hold” rating and issued a $135.00 target price (down from $150.00) on shares of Allegiant Travel in a research note on Friday, September 22nd. Finally, Cowen reiterated a “hold” rating and issued a $145.00 target price on shares of Allegiant Travel in a research note on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Allegiant Travel has a consensus rating of “Hold” and a consensus price target of $152.55.

Allegiant Travel (NASDAQ ALGT) opened at $154.85 on Tuesday. Allegiant Travel has a one year low of $111.54 and a one year high of $182.25. The stock has a market capitalization of $2,490.00, a price-to-earnings ratio of 16.47 and a beta of 0.16. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.01 and a current ratio of 1.05.

Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings data on Wednesday, October 25th. The transportation company reported $1.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.08. Allegiant Travel had a return on equity of 32.19% and a net margin of 10.52%. The firm had revenue of $348.80 million for the quarter, compared to analysts’ expectations of $349.79 million. During the same period last year, the business posted $2.75 earnings per share. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. analysts predict that Allegiant Travel will post 8.59 EPS for the current fiscal year.

In other news, CEO Maurice J. Gallagher, Jr. sold 16,018 shares of the firm’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $155.82, for a total transaction of $2,495,924.76. Following the transaction, the chief executive officer now directly owns 3,144,674 shares of the company’s stock, valued at $490,003,102.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Maurice J. Gallagher, Jr. sold 17,818 shares of the firm’s stock in a transaction on Friday, December 29th. The shares were sold at an average price of $155.74, for a total value of $2,774,975.32. The disclosure for this sale can be found here. Insiders sold 40,708 shares of company stock worth $6,227,913 over the last quarter. 22.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. increased its holdings in shares of Allegiant Travel by 17.5% during the second quarter. Victory Capital Management Inc. now owns 853 shares of the transportation company’s stock valued at $116,000 after purchasing an additional 127 shares during the period. Riverhead Capital Management LLC increased its holdings in shares of Allegiant Travel by 119.8% during the second quarter. Riverhead Capital Management LLC now owns 1,099 shares of the transportation company’s stock valued at $149,000 after purchasing an additional 599 shares during the period. Flinton Capital Management LLC increased its holdings in shares of Allegiant Travel by 81.8% during the second quarter. Flinton Capital Management LLC now owns 1,120 shares of the transportation company’s stock valued at $152,000 after purchasing an additional 504 shares during the period. D.A. Davidson & CO. increased its holdings in shares of Allegiant Travel by 2.0% during the second quarter. D.A. Davidson & CO. now owns 1,176 shares of the transportation company’s stock valued at $159,000 after purchasing an additional 23 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Allegiant Travel by 47.0% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,258 shares of the transportation company’s stock valued at $166,000 after purchasing an additional 402 shares during the period. 86.15% of the stock is currently owned by institutional investors.

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Allegiant Travel Company Profile

Allegiant Travel Company is a leisure travel company. The Company is focused on providing travel services and products to residents of under-served cities in the United States. It also provides air transportation under fixed fee flying arrangements. The Company’s products and services include scheduled service air transportation, air-related ancillary products and services, third-party ancillary products and services and fixed fee contract air transportation.

Analyst Recommendations for Allegiant Travel (NASDAQ:ALGT)

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