Verition Fund Management LLC Purchases 453,736 Shares of Frontier Group Holdings, Inc. (NASDAQ:ULCC)

Verition Fund Management LLC raised its stake in Frontier Group Holdings, Inc. (NASDAQ:ULCC - Free Report) by 235.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 646,243 shares of the company's stock after acquiring an additional 453,736 shares during the period. Verition Fund Management LLC owned about 0.29% of Frontier Group worth $3,457,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. U S Global Investors Inc. grew its holdings in shares of Frontier Group by 71.4% in the 3rd quarter. U S Global Investors Inc. now owns 7,564,954 shares of the company's stock worth $40,473,000 after purchasing an additional 3,150,768 shares during the last quarter. AlTi Global Inc. acquired a new stake in shares of Frontier Group during the second quarter worth approximately $21,222,000. Vanguard Group Inc. raised its stake in shares of Frontier Group by 1.5% in the first quarter. Vanguard Group Inc. now owns 4,116,430 shares of the company's stock valued at $33,384,000 after acquiring an additional 60,943 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Frontier Group by 81.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 599,006 shares of the company's stock worth $3,205,000 after acquiring an additional 269,221 shares in the last quarter. Finally, Algert Global LLC grew its position in Frontier Group by 80.2% during the 3rd quarter. Algert Global LLC now owns 451,508 shares of the company's stock worth $2,416,000 after acquiring an additional 200,885 shares during the last quarter.

Frontier Group Trading Up 3.6 %

ULCC traded up $0.21 during midday trading on Wednesday, reaching $6.01. 1,857,663 shares of the company were exchanged, compared to its average volume of 2,141,224. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.48 and a current ratio of 0.53. The stock has a market capitalization of $1.35 billion, a P/E ratio of -149.96 and a beta of 2.43. The stock's 50-day simple moving average is $6.00 and its 200 day simple moving average is $4.93. Frontier Group Holdings, Inc. has a one year low of $2.79 and a one year high of $8.33.

Frontier Group (NASDAQ:ULCC - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company had revenue of $935.00 million for the quarter, compared to analyst estimates of $943.30 million. During the same quarter last year, the firm earned ($0.14) earnings per share. Frontier Group's revenue was up 5.9% compared to the same quarter last year. As a group, analysts forecast that Frontier Group Holdings, Inc. will post 0.04 earnings per share for the current fiscal year.

Insider Activity at Frontier Group

In related news, SVP Steve Schuller sold 10,000 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $6.00, for a total transaction of $60,000.00. Following the completion of the sale, the senior vice president now directly owns 34,035 shares of the company's stock, valued at approximately $204,210. This represents a 22.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 81.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Susquehanna boosted their price objective on Frontier Group from $5.00 to $6.00 and gave the stock a "neutral" rating in a research note on Monday, November 4th. Barclays increased their price objective on shares of Frontier Group from $7.00 to $10.00 and gave the stock an "overweight" rating in a report on Thursday, November 14th. TD Cowen boosted their target price on shares of Frontier Group from $3.00 to $4.00 and gave the stock a "hold" rating in a research note on Monday, September 16th. Raymond James raised shares of Frontier Group from an "underperform" rating to a "market perform" rating in a research note on Monday, September 30th. Finally, Citigroup upped their price objective on Frontier Group from $4.70 to $7.15 and gave the stock a "neutral" rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $6.32.

About Frontier Group

Frontier Group Holdings, Inc, provides low-fare passenger airline services to leisure travelers in the United States and Latin America. The company sells its products through direct distribution channels, including its website, mobile app, and contact centers. As of December 31, 2023, it had a fleet of 136 Airbus single-aisle aircrafts.