Allegiant Travel Company (NASDAQ:ALGT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm currently has a $159.00 price target on the transportation company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.29% from the company’s current price.
According to Zacks, “Even though shares of Allegiant have underperformed the Zacks categorized Transportation-Airline industry so far this year, we remain positive on the improved scenario with respect to total revenue per available seat miles (TRASM). In fact, while releasing its June traffic results, the company raised the lower end of the TRASM guidance for the second quarter of 2017. Detailed results are scheduled to be revealed on Jul 26. Meanwhile, the positive sentiment surrounding the stock can be gauged from the fact that the Zacks Consensus Estimate for the quarter has moved up 5.4% in the last seven days to $2.94 per share. Additionally, we are impressed by Allegiant’s efforts to reward shareholders. The company’s efforts to modernize its fleet are also encouraging. However, we remain mindful of the high labor costs, which might hurt the bottom line in the second quarter.”
A number of other equities analysts have also recently weighed in on ALGT. Morgan Stanley reissued an “equal weight” rating and issued a $141.00 price target (down from $144.00) on shares of Allegiant Travel in a report on Monday, July 10th. Bank of America Corporation cut their price target on Allegiant Travel from $175.00 to $165.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Sidoti reissued a “buy” rating and issued a $186.00 price target (up from $183.00) on shares of Allegiant Travel in a report on Wednesday, July 12th. Cowen and Company cut their price target on Allegiant Travel from $162.00 to $157.00 and set a “market perform” rating for the company in a report on Wednesday, April 26th. Finally, ValuEngine cut Allegiant Travel from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. Allegiant Travel presently has a consensus rating of “Hold” and an average price target of $161.08.
Shares of Allegiant Travel (NASDAQ ALGT) traded up 1.02% during mid-day trading on Monday, hitting $143.05. The company’s stock had a trading volume of 20,152 shares. The company has a market cap of $2.34 billion, a PE ratio of 12.54 and a beta of -0.04. The stock has a 50-day moving average of $141.42 and a 200-day moving average of $158.54. Allegiant Travel has a 12-month low of $121.70 and a 12-month high of $182.25.
Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings results on Tuesday, April 25th. The transportation company reported $2.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.08. Allegiant Travel had a return on equity of 41.46% and a net margin of 13.61%. The company had revenue of $375.80 million during the quarter, compared to analyst estimates of $374.99 million. During the same period last year, the firm earned $4.29 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts forecast that Allegiant Travel will post $9.80 EPS for the current year.
In other Allegiant Travel news, SVP Gregory Clark Anderson sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $142.08, for a total transaction of $213,120.00. Following the completion of the sale, the senior vice president now directly owns 15,054 shares in the company, valued at $2,138,872.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 22.00% of the company’s stock.
Large investors have recently made changes to their positions in the company. State of Alaska Department of Revenue raised its stake in shares of Allegiant Travel by 77.8% in the second quarter. State of Alaska Department of Revenue now owns 2,596 shares of the transportation company’s stock valued at $352,000 after buying an additional 1,136 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Allegiant Travel by 28.9% in the second quarter. Bank of Montreal Can now owns 829 shares of the transportation company’s stock valued at $112,000 after buying an additional 186 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Allegiant Travel during the second quarter valued at $285,000. Public Employees Retirement System of Ohio increased its stake in shares of Allegiant Travel by 8.1% in the first quarter. Public Employees Retirement System of Ohio now owns 20,057 shares of the transportation company’s stock valued at $3,214,000 after buying an additional 1,506 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Allegiant Travel during the first quarter valued at $1,923,000. Institutional investors own 83.60% of the company’s stock.
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.
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