Allegiant Air (ALGT) Price Target Cut to $171.00

Allegiant Air (NASDAQ:ALGT) had its target price dropped by equities research analysts at Morgan Stanley from $172.00 to $171.00 in a report issued on Friday. The firm presently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s price target suggests a potential downside of 0.87% from the company’s previous close.

Several other research firms have also recently weighed in on ALGT. Wolfe Research upgraded shares of Allegiant Air from a “market perform” rating to an “outperform” rating in a report on Thursday, February 1st. Imperial Capital reiterated an “in-line” rating and issued a $165.00 price target (up previously from $150.00) on shares of Allegiant Air in a report on Thursday, February 1st. Zacks Investment Research upgraded shares of Allegiant Air from a “hold” rating to a “buy” rating and set a $178.00 price target for the company in a report on Tuesday, February 6th. BidaskClub cut shares of Allegiant Air from a “buy” rating to a “hold” rating in a report on Thursday, January 25th. Finally, ValuEngine cut shares of Allegiant Air from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $164.55.

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Shares of NASDAQ ALGT opened at $172.50 on Friday. The company has a market cap of $2,771.56, a P/E ratio of 18.08, a PEG ratio of 0.54 and a beta of 0.07. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 1.73. Allegiant Air has a 52-week low of $111.54 and a 52-week high of $181.45.

Allegiant Air (NASDAQ:ALGT) last issued its quarterly earnings data on Wednesday, January 31st. The transportation company reported $2.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.93. The firm had revenue of $378.56 million during the quarter, compared to analysts’ expectations of $377.25 million. Allegiant Air had a net margin of 12.96% and a return on equity of 31.47%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.48 earnings per share. equities research analysts predict that Allegiant Air will post 10.94 earnings per share for the current year.

In related news, CEO Maurice J. Gallagher, Jr. sold 12,645 shares of the stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $163.40, for a total transaction of $2,066,193.00. Following the completion of the transaction, the chief executive officer now owns 2,977,169 shares in the company, valued at $486,469,414.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Maurice J. Gallagher, Jr. sold 71,678 shares of the stock in a transaction on Friday, January 12th. The stock was sold at an average price of $165.54, for a total transaction of $11,865,576.12. Following the transaction, the chief executive officer now owns 3,071,196 shares of the company’s stock, valued at approximately $508,405,785.84. The disclosure for this sale can be found here. Insiders have sold 268,275 shares of company stock valued at $44,704,476 in the last 90 days. 21.00% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its holdings in Allegiant Air by 6.4% during the fourth quarter. Victory Capital Management Inc. now owns 5,605 shares of the transportation company’s stock worth $867,000 after purchasing an additional 338 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Allegiant Air by 47.0% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,258 shares of the transportation company’s stock worth $166,000 after purchasing an additional 402 shares during the last quarter. American International Group Inc. boosted its holdings in Allegiant Air by 4.9% during the third quarter. American International Group Inc. now owns 10,306 shares of the transportation company’s stock worth $1,357,000 after purchasing an additional 483 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Allegiant Air by 2.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,697 shares of the transportation company’s stock worth $3,358,000 after purchasing an additional 525 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in Allegiant Air by 2.5% during the third quarter. California Public Employees Retirement System now owns 28,801 shares of the transportation company’s stock worth $3,793,000 after purchasing an additional 701 shares during the last quarter. Institutional investors and hedge funds own 90.41% of the company’s stock.

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About Allegiant Air

Allegiant Travel Company, a leisure travel company, focuses on the provision of 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.

Analyst Recommendations for Allegiant Air (NASDAQ:ALGT)

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