Morgan Stanley Cuts Allegiant Air (ALGT) Price Target to $171.00

Allegiant Air (NASDAQ:ALGT) had its target price reduced by stock 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 target price points to a potential downside of 2.98% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Allegiant Air from a “hold” rating to a “buy” rating and set a $178.00 price target for the company in a research note on Tuesday, February 6th. Stifel Nicolaus raised their price target on shares of Allegiant Air from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. BidaskClub cut shares of Allegiant Air from a “buy” rating to a “hold” rating in a research note on Thursday, January 25th. Wolfe Research raised shares of Allegiant Air from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 1st. Finally, Imperial Capital reissued an “in-line” rating and issued a $165.00 target price (up from $150.00) on shares of Allegiant Air in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. Allegiant Air currently has a consensus rating of “Hold” and an average target price of $164.55.

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Shares of ALGT stock opened at $176.25 on Friday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.95 and a current ratio of 0.98. The company has a market cap of $2,793.19, a price-to-earnings ratio of 18.46, a P/E/G ratio of 0.54 and a beta of 0.07. Allegiant Air has a 52 week low of $111.54 and a 52 week high of $181.45.

Allegiant Air (NASDAQ:ALGT) last announced its earnings results on Wednesday, January 31st. The transportation company reported $2.71 EPS for the quarter, topping the consensus estimate of $1.78 by $0.93. The firm had revenue of $378.56 million for the quarter, compared to the consensus estimate of $377.25 million. Allegiant Air had a net margin of 12.96% and a return on equity of 31.47%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company posted $2.48 EPS. analysts forecast that Allegiant Air will post 10.94 EPS for the current year.

In other news, CEO Maurice J. Gallagher, Jr. sold 182,182 shares of Allegiant Air stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $167.18, for a total transaction of $30,457,186.76. Following the completion of the sale, the chief executive officer now owns 3,071,196 shares of the company’s stock, valued at $513,442,547.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gregory Clark Anderson sold 1,650 shares of Allegiant Air stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $178.25, for a total value of $294,112.50. Following the sale, the senior vice president now directly owns 15,935 shares of the company’s stock, valued at approximately $2,840,413.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 268,275 shares of company stock valued at $44,704,476. Company insiders own 21.00% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Elkfork Partners LLC acquired a new stake in shares of Allegiant Air during the fourth quarter worth $184,000. Ladenburg Thalmann Financial Services Inc. raised its stake in Allegiant Air by 47.0% in 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 in the last quarter. Shelton Capital Management acquired a new position in Allegiant Air in the fourth quarter valued at about $202,000. Teacher Retirement System of Texas acquired a new position in Allegiant Air in the fourth quarter valued at about $216,000. Finally, McKinley Carter Wealth Services Inc. acquired a new position in Allegiant Air in the fourth quarter valued at about $233,000. 90.41% of the stock is owned by institutional investors.

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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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