Frontier Group (NASDAQ:ULCC) Shares Up 15.6% – Here’s Why

Frontier Group Holdings, Inc. (NASDAQ:ULCC)’s stock price shot up 15.6% on Monday . The company traded as high as $8.28 and last traded at $8.22. 961,967 shares changed hands during trading, a decline of 55% from the average session volume of 2,160,440 shares. The stock had previously closed at $7.11.

Analyst Upgrades and Downgrades

ULCC has been the topic of several analyst reports. Susquehanna upped their target price on shares of Frontier Group from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday. Citigroup upped their price objective on Frontier Group from $4.70 to $7.15 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Bank of America decreased their price target on Frontier Group from $5.50 to $5.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. TD Cowen increased their price objective on Frontier Group from $3.00 to $4.00 and gave the company a “hold” rating in a research report on Monday, September 16th. Finally, Raymond James raised Frontier Group from an “underperform” rating to a “market perform” rating in a research report on Monday, September 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Frontier Group presently has a consensus rating of “Hold” and an average price target of $6.96.

Frontier Group Stock Performance

The business’s fifty day moving average is $6.41 and its 200-day moving average is $5.16. The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.57. The company has a market cap of $1.84 billion, a PE ratio of -203.95 and a beta of 2.32.

Frontier Group (NASDAQ:ULCC) last issued its quarterly earnings results 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 firm had revenue of $935.00 million for the quarter, compared to analyst estimates of $943.30 million. Frontier Group’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) EPS. As a group, research analysts predict that Frontier Group Holdings, Inc. will post 0.05 EPS for the current fiscal year.

Insider Activity at Frontier Group

In related news, SVP Steve Schuller sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $7.07, for a total value of $35,350.00. Following the transaction, the senior vice president now directly owns 47,590 shares of the company’s stock, valued at approximately $336,461.30. The trade was a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Barry Biffle sold 160,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $6.88, for a total value of $1,100,800.00. Following the completion of the transaction, the chief executive officer now owns 784,817 shares of the company’s stock, valued at $5,399,540.96. The trade was a 16.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 355,000 shares of company stock worth $2,569,150. 81.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Frontier Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. U S Global Investors Inc. raised its holdings in Frontier Group by 71.4% during the 3rd quarter. U S Global Investors Inc. now owns 7,564,954 shares of the company’s stock valued at $40,473,000 after buying an additional 3,150,768 shares during the period. AlTi Global Inc. purchased a new stake in shares of Frontier Group in the second quarter valued at $21,222,000. Geode Capital Management LLC lifted its holdings in shares of Frontier Group by 38.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,590,598 shares of the company’s stock worth $8,512,000 after acquiring an additional 441,001 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of Frontier Group by 235.7% during the 3rd quarter. Verition Fund Management LLC now owns 646,243 shares of the company’s stock worth $3,457,000 after purchasing an additional 453,736 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Frontier Group by 81.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 599,006 shares of the company’s stock valued at $3,205,000 after purchasing an additional 269,221 shares during the last quarter.

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.