Frontier Group (NASDAQ:ULCC) Trading 15.6% Higher – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Susquehanna increased their target price on Frontier Group from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Raymond James upgraded shares of Frontier Group from an “underperform” rating to a “market perform” rating in a research report on Monday, September 30th. Morgan Stanley reduced their price target on shares of Frontier Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Bank of America lowered their price objective on Frontier Group from $5.50 to $5.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Finally, Barclays increased their target price on Frontier Group from $7.00 to $10.00 and gave the company 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 given a buy rating to the stock. According to data from MarketBeat, Frontier Group has a consensus rating of “Hold” and a consensus price target of $6.46.

Frontier Group Stock Performance

The stock has a 50-day moving average of $6.35 and a 200 day moving average of $5.12. The stock has a market cap of $1.85 billion, a PE ratio of -204.95 and a beta of 2.43. The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.57.

Frontier Group (NASDAQ:ULCC) last posted its quarterly 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 analyst estimates of $943.30 million. During the same quarter in the previous year, the company posted ($0.14) EPS. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities analysts predict that Frontier Group Holdings, Inc. will post 0.05 EPS for the current fiscal year.

Insider Buying and Selling at Frontier Group

In other Frontier Group news, Director Josh T. Connor sold 30,000 shares of Frontier Group stock in a transaction on 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 owns 326,550 shares in the company, valued at $1,874,397. The trade was a 8.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Barry Biffle sold 160,000 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 784,817 shares of the company’s stock, valued at approximately $5,399,540.96. This represents a 16.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 81.50% of the stock is currently owned by company insiders.

Institutional Trading of Frontier Group

Several institutional investors and hedge funds have recently bought and sold shares of ULCC. Victory Capital Management Inc. purchased a new position in Frontier Group during the third quarter worth about $54,000. Ballentine Partners LLC purchased a new position in shares of Frontier Group during the 3rd quarter worth approximately $55,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Frontier Group during the 2nd quarter worth approximately $58,000. Blue Trust Inc. increased its holdings in Frontier Group by 41.2% in the 3rd quarter. Blue Trust Inc. now owns 12,828 shares of the company’s stock valued at $63,000 after purchasing an additional 3,744 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Frontier Group by 251.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,896 shares of the company’s stock valued at $64,000 after purchasing an additional 8,507 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.