Allegiant Travel (NASDAQ:ALGT) Releases Earnings Results, Beats Estimates By $0.93 EPS

Allegiant Travel (NASDAQ:ALGT) issued its quarterly earnings results on Wednesday. The transportation company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.93, Zacks reports. Allegiant Travel had a positive return on equity of 3.48% and a negative net margin of 0.57%. The company had revenue of $666.28 million for the quarter, compared to analysts’ expectations of $657.74 million. During the same quarter last year, the business earned $4.35 earnings per share. Allegiant Travel’s revenue was down 2.6% on a year-over-year basis. Allegiant Travel updated its Q3 2024 guidance to -3.500–2.500 EPS.

Allegiant Travel Trading Down 12.4 %

Shares of ALGT stock traded down $6.17 during mid-day trading on Friday, reaching $43.66. 719,972 shares of the stock traded hands, compared to its average volume of 563,398. The stock’s fifty day simple moving average is $50.79 and its two-hundred day simple moving average is $62.09. Allegiant Travel has a 1-year low of $43.51 and a 1-year high of $122.53. The company has a market cap of $795.92 million, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 2.06 and a beta of 1.66. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 1.35.

Allegiant Travel Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.50%. The ex-dividend date was Tuesday, May 14th. Allegiant Travel’s payout ratio is 75.95%.

Insider Activity

In related news, COO Keny Frank Wilper sold 1,000 shares of Allegiant Travel stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $51.00, for a total value of $51,000.00. Following the transaction, the chief operating officer now directly owns 9,422 shares of the company’s stock, valued at $480,522. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Robert Paul Wilson III sold 750 shares of Allegiant Travel stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $53.00, for a total value of $39,750.00. Following the transaction, the executive vice president now directly owns 74,948 shares of the company’s stock, valued at $3,972,244. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Keny Frank Wilper sold 1,000 shares of Allegiant Travel stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $51.00, for a total value of $51,000.00. Following the completion of the transaction, the chief operating officer now directly owns 9,422 shares in the company, valued at $480,522. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,037 shares of company stock valued at $1,395,948. 17.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ALGT. Deutsche Bank Aktiengesellschaft cut Allegiant Travel from a “buy” rating to a “hold” rating and decreased their price target for the stock from $75.00 to $53.00 in a research report on Monday, July 8th. Barclays reduced their price objective on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Evercore ISI reduced their price objective on Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. Susquehanna reduced their price objective on Allegiant Travel from $60.00 to $55.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 16th. Finally, Morgan Stanley reduced their price objective on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Allegiant Travel presently has an average rating of “Hold” and a consensus price target of $62.13.

Allegiant Travel Company Profile

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, 2024, it operated a fleet of 126 Airbus A320 series aircraft.