Allegiant Travel (NASDAQ:ALGT) Releases Q1 2024 Earnings Guidance

Allegiant Travel (NASDAQ:ALGTGet Free Report) issued an update on its first quarter 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 0.500-1.500 for the period, compared to the consensus estimate of 1.980. The company issued revenue guidance of -.

Allegiant Travel Price Performance

Shares of ALGT traded down $6.01 during trading hours on Monday, reaching $73.10. 632,223 shares of the stock traded hands, compared to its average volume of 253,078. The company has a current ratio of 1.09, a quick ratio of 1.05 and a debt-to-equity ratio of 1.50. Allegiant Travel has a 52-week low of $54.87 and a 52-week high of $130.93. The company’s 50-day moving average price is $77.85 and its two-hundred day moving average price is $82.47. The company has a market cap of $1.35 billion, a P/E ratio of 7.84 and a beta of 1.61.

Allegiant Travel (NASDAQ:ALGTGet Free Report) last released its earnings results on Thursday, November 2nd. The transportation company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Allegiant Travel had a net margin of 6.71% and a return on equity of 8.15%. The firm had revenue of $565.36 million for the quarter, compared to analysts’ expectations of $583.69 million. On average, analysts anticipate that Allegiant Travel will post 6.54 earnings per share for the current year.

Allegiant Travel Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend was Tuesday, November 14th. Allegiant Travel’s payout ratio is currently 25.75%.

Analyst Ratings Changes

Several analysts have commented on the stock. Barclays decreased their price target on shares of Allegiant Travel from $75.00 to $65.00 and set an equal weight rating on the stock in a research note on Monday, November 6th. StockNews.com downgraded shares of Allegiant Travel from a hold rating to a sell rating in a report on Monday, November 6th. Susquehanna cut their price target on shares of Allegiant Travel from $120.00 to $80.00 and set a neutral rating on the stock in a report on Wednesday, October 11th. Raymond James dropped their target price on shares of Allegiant Travel from $118.00 to $110.00 and set an outperform rating on the stock in a research note on Wednesday, December 13th. Finally, Morgan Stanley dropped their target price on shares of Allegiant Travel from $100.00 to $95.00 and set an equal weight rating on the stock in a research note on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $100.83.

Check Out Our Latest Stock Analysis on Allegiant Travel

Insiders Place Their Bets

In other news, CMO Scott Wayne Deangelo sold 3,680 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $61.07, for a total value of $224,737.60. Following the completion of the sale, the chief marketing officer now owns 93,872 shares of the company’s stock, valued at approximately $5,732,763.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Allegiant Travel

Several hedge funds have recently modified their holdings of ALGT. Guggenheim Capital LLC lifted its position in Allegiant Travel by 5.3% during the first quarter. Guggenheim Capital LLC now owns 1,528 shares of the transportation company’s stock valued at $249,000 after acquiring an additional 77 shares during the last quarter. Sei Investments Co. increased its stake in Allegiant Travel by 0.3% during the 1st quarter. Sei Investments Co. now owns 28,155 shares of the transportation company’s stock valued at $4,588,000 after purchasing an additional 92 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Allegiant Travel by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,407 shares of the transportation company’s stock valued at $809,000 after purchasing an additional 113 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in Allegiant Travel by 9.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,306 shares of the transportation company’s stock valued at $165,000 after purchasing an additional 118 shares in the last quarter. Finally, Vident Investment Advisory LLC increased its stake in Allegiant Travel by 3.3% during the 4th quarter. Vident Investment Advisory LLC now owns 3,779 shares of the transportation company’s stock valued at $257,000 after purchasing an additional 119 shares in the last quarter. Hedge funds and other institutional investors own 81.23% of the company’s stock.

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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Earnings History and Estimates for Allegiant Travel (NASDAQ:ALGT)

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