Stock News Spotlight: Allegiant Travel Company (NASDAQ:ALGT)
Allegiant Travel Company (NASDAQ:ALGT) stock identified change of 102.76% away from 52-week low price and recently located move of -33.55% off 52-week high price. It has market worth of $1.95B. ALGT stock has been recorded -1.60% away from 50 day moving average and 1.33% away from 200 day moving average. Moving closer, we can see that shares have been trading -3.88% off 20-day moving average.
On Oct. 8, 2020, Allegiant Travel Company (NASDAQ:ALGT) notified preliminary passenger traffic results for September 2020 as well as third quarter 2020.
Average daily cash burn came in at roughly $1.3 million for the third quarter, stated Gregory Anderson, executive vice president and chief financial officer, Allegiant Travel Company. Gross bookings for the quarter averaged more than $2.0 million per day, which is better than our previous booking levels of less than $2 million per day, due primarily to steady improvements in bookings throughout the month of September. During the third quarter, we paid approximately $15 million to Sixth Street Partners in conjunction with the termination of the Sunseeker loan agreement, which drove cash burn up slightly. As previously stated, our cash burn figure includes debt payments. We continue to expect fourth quarter daily cash burn to be well below $1 million based on the assumption of average daily gross bookings of more than $2.0 million, which is inclusive of the remaining $5 million payment to Sixth Street Partners.
As we enter the final quarter of the year, we meaningfully increased our liquidity position to over $850 million, primarily driven by the $84 million in senior secured debt backed by two A320 aircraft and eight CFM engines along with the sale of $150 million of senior secured notes, which is backed by collateral pledged to our existing Term Loan. We believe this improved liquidity coupled with our industry-best cash burn rate not only bolsters liquidity further, but provides enhanced flexibility to best respond to the fluid environment.
The Industrials sector company, Allegiant Travel Company noticed change of 4.68% to $121.78 along volume of 275506 shares in recent session compared to an average volume of 211.11K. The stock observed return of 3.05% in 5 days trading activity. The stock was at -9.01% over one month performance. ALGT’s shares are at 10.42% for the quarter and driving a -18.04% return over the course of the past year and is now at -30.03% since this point in 2018. The average volatility for the week at 5.55% and for month was at 4.41%. There are 15.90M shares outstanding and 13.24M shares are floated in market. Right now the stock beta is 1.67.