• Raymond James downgraded NASDAQ:ALGT from a "Strong Buy" to an "Outperform" rating.
• Caxton Associates LLP increased its investment in Allegiant Travel by 54.7%, showing confidence in the company's potential.
• Despite the downgrade, major investors like Donald Smith and CO. Inc. and T. Rowe Price Investment Management Inc. have increased their holdings, indicating a positive outlook.

Allegiant Travel Company, trading under the symbol NASDAQ:ALGT, is a prominent player in the travel industry, known for its low-cost airline services. The company competes with other budget airlines like Southwest Airlines and Spirit Airlines. Recently, Raymond James downgraded Allegiant Travel from a "Strong Buy" to an "Outperform" rating, with the stock priced at $85.74 at the time of the change.

Despite the downgrade, investment firms are showing interest in Allegiant Travel. Caxton Associates LLP increased its investment by 54.7%, now holding 36,488 shares valued at approximately $2 million. This represents about 0.20% of Allegiant Travel, indicating confidence in the company's potential despite the recent rating change.

Other major investors are also active in trading Allegiant Travel shares. Donald Smith and CO. Inc. increased its holdings by 11.6%, now owning 1,506,633 shares valued at $82.8 million. T. Rowe Price Investment Management Inc. also raised its stake by 5.8%, reflecting a positive outlook among institutional investors.

The stock price of NASDAQ:ALGT is currently $85.74, with a slight increase of 0.29% today. The stock's price fluctuated between $85.24 and $87.80 during the trading day. Over the past year, NASDAQ:ALGT has seen a high of $107.57 and a low of $39.80, showing significant volatility in its stock performance.

Allegiant Travel's market capitalization is approximately $1.57 billion, with a trading volume of 215,589 shares. This indicates a moderate level of investor interest and activity in the stock, despite the recent downgrade by Raymond James.