How can a luxury consumer airliner whose business is based in the hardest-hit economy areas within the U.S. be sitting on a 52-week high?

Allegiant Travel ( ALGT - Get Report) is a travel agency and airline whose revenue is derived from the sale of vacation packages including hotels, rental cars, show tickets, night club packages and other attraction within the U.S. Its end markets include (by size and revenue): Las Vegas, with 36 routes; Orlando, with 27 routes; Tampa/St. Petersburg, with 14 routes; and Phoenix, with 14 routes. In terms of housing price deprecation, which is a solid, nonacademic way of determining consumer wealth (or lack thereof), these represent the hardest-hit areas in the U.S., with the average price of a home down 35% or more from the peak.

Shares of Allegiant traded as high as $44.97 on Thursday, compared with its 52-week high of $45.11. The stock is up more than 40% on the year and 120% since mid-July.

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