It is a well-known fact that the Zacks Airline industry has been so far one of the worst-hit spaces of the investment world amid the coronavirus pandemic. However, the Allegiant Travel Company ALGT performed reasonably well despite the COVID woes by gaining 8.8% in 2020.The stock movement in the past three months has been even more impressive with the share price soaring 55.4% compared with its industry’s mere 4.5% appreciation.Delving DeeperLike other airline companies, upbeat updates on the coronavirus vaccines perked up the Allegiant stock price. Moreover, the spike in coronavirus cases across the United States could not dent the passenger enthusiasm much this holiday season. This, in turn, led to the gradual uptick in air-travel demand, particularly on the leisure front, which bodes well for Allegiant.Further, moderate fuel costs are supporting the company’s bottom-line growth. We are also impressed by its fleet-modernization efforts. The carrier operates an all-Airbus fleet. Notably, the transition to its all-Airbus fleet, completed in 2018, ramped up Allegiant’s fuel efficiency.The carrier’s expansion initiatives are also encouraging. Anticipating an improvement in air-travel demand during 2021, the airline intends to begin 15 new nonstop services this year.The stock’s brighter prospects for 2021 compared with 2020 can be gauged from its current-year Zacks Consensus Estimate for earnings, which is pegged at $5.18 per share against the loss estimate of $10.57 for the last year.Zacks Rank & Other Key PicksAllegiant Travel currently carries a Zacks Rank #2 (Buy). Investors interested in the broader Zacks Transportation sector may also consider some other top-ranked stocks like Ryder System R, FedEx Corporation FDX and Herc Holdings Inc. HRI, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Shares of Ryder, FedEx and Herc Holdings have jumped more than 55%, 62% and 107% over the past six months, respectively.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ryder System, Inc. (R): Free Stock Analysis Report FedEx Corporation (FDX): Free Stock Analysis Report Allegiant Travel Company (ALGT): Free Stock Analysis Report Herc Holdings Inc. (HRI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research