Frontier Group (NASDAQ:ULCC) Shares Up 5.6% - Here's What Happened

Shares of Frontier Group Holdings, Inc. (NASDAQ:ULCC - Get Free Report) were up 5.6% during trading on Wednesday . The stock traded as high as $8.18 and last traded at $8.22. Approximately 487,149 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,269,278 shares. The stock had previously closed at $7.78.

Wall Street Analysts Forecast Growth

ULCC has been the topic of several analyst reports. UBS Group boosted their price target on shares of Frontier Group from $6.00 to $8.50 and gave the company a "neutral" rating in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft raised shares of Frontier Group from a "hold" rating to a "buy" rating and upped their target price for the company from $6.00 to $8.00 in a research note on Wednesday, December 11th. Evercore ISI raised their price target on shares of Frontier Group from $4.00 to $5.00 and gave the stock an "in-line" rating in a research note on Thursday, October 3rd. Susquehanna upped their price objective on Frontier Group from $6.00 to $8.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. Finally, Barclays increased their target price on Frontier Group from $7.00 to $10.00 and gave the stock an "overweight" rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $6.96.

Frontier Group Stock Performance

The stock has a 50-day moving average of $7.02 and a 200 day moving average of $5.55. The firm has a market capitalization of $1.84 billion, a P/E ratio of -204.47 and a beta of 2.32. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.48 and a current ratio of 0.53.

Frontier Group (NASDAQ:ULCC - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The firm had revenue of $935.00 million during the quarter, compared to the consensus estimate of $943.30 million. During the same quarter in the previous year, the firm earned ($0.14) EPS. The business's revenue was up 5.9% on a year-over-year basis. On average, research analysts anticipate that Frontier Group Holdings, Inc. will post 0.1 earnings per share for the current year.

Insider Buying and Selling at Frontier Group

In other news, CEO Barry Biffle sold 273,000 shares of the company's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.44, for a total transaction of $2,304,120.00. Following the transaction, the chief executive officer now owns 816,817 shares of the company's stock, valued at $6,893,935.48. This represents a 25.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Josh T. Connor sold 30,000 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $5.74, for a total value of $172,200.00. Following the sale, the director now directly owns 326,550 shares of the company's stock, valued at $1,874,397. This represents a 8.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 788,000 shares of company stock worth $6,214,070. 81.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Frontier Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ULCC. Dimensional Fund Advisors LP grew its holdings in Frontier Group by 7.6% during the second quarter. Dimensional Fund Advisors LP now owns 309,282 shares of the company's stock valued at $1,524,000 after purchasing an additional 21,829 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in shares of Frontier Group during the second quarter worth $58,000. Marshall Wace LLP acquired a new position in shares of Frontier Group in the 2nd quarter valued at $1,011,000. Squarepoint Ops LLC bought a new stake in shares of Frontier Group in the 2nd quarter valued at $302,000. Finally, The Manufacturers Life Insurance Company raised its stake in Frontier Group by 27.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,970 shares of the company's stock worth $98,000 after buying an additional 4,279 shares during the period.

Frontier Group Company Profile

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.

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