Frontdoor, Inc. (NASDAQ:FTDR) Sees Significant Decline in Short Interest

Frontdoor, Inc. (NASDAQ:FTDR) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 2,770,000 shares, a decline of 5.5% from the August 31st total of 2,930,000 shares. Currently, 3.6% of the company’s shares are sold short. Based on an average daily trading volume, of 799,600 shares, the days-to-cover ratio is presently 3.5 days.

Frontdoor Trading Down 1.3 %

Shares of NASDAQ FTDR traded down $0.63 during trading hours on Monday, reaching $47.99. The stock had a trading volume of 438,754 shares, compared to its average volume of 740,710. Frontdoor has a 52-week low of $28.25 and a 52-week high of $49.43. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 21.05 and a beta of 1.04. The business’s fifty day moving average price is $45.92 and its two-hundred day moving average price is $38.04. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66.

Frontdoor (NASDAQ:FTDR) last issued its earnings results on Thursday, August 1st. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.27. Frontdoor had a return on equity of 132.94% and a net margin of 11.38%. The business had revenue of $542.00 million during the quarter, compared to analysts’ expectations of $536.74 million. During the same period in the prior year, the business earned $0.87 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts expect that Frontdoor will post 2.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Frontdoor

Several institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB raised its position in shares of Frontdoor by 25.2% in the 1st quarter. Nordea Investment Management AB now owns 295,885 shares of the company’s stock worth $9,631,000 after acquiring an additional 59,572 shares in the last quarter. BOKF NA purchased a new stake in shares of Frontdoor during the second quarter valued at about $493,000. Allianz Asset Management GmbH boosted its holdings in shares of Frontdoor by 775.6% in the 4th quarter. Allianz Asset Management GmbH now owns 270,189 shares of the company’s stock valued at $9,516,000 after buying an additional 239,333 shares in the last quarter. Norges Bank purchased a new position in shares of Frontdoor in the 4th quarter worth approximately $18,725,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Frontdoor by 44.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 870,440 shares of the company’s stock worth $30,657,000 after buying an additional 267,762 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FTDR shares. The Goldman Sachs Group lifted their price target on shares of Frontdoor from $33.00 to $41.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. William Blair raised Frontdoor from a “market perform” rating to an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. increased their price target on Frontdoor from $45.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Finally, Truist Financial boosted their price objective on Frontdoor from $45.00 to $56.00 and gave the company a “buy” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Frontdoor currently has an average rating of “Hold” and a consensus target price of $47.75.

About Frontdoor

Frontdoor, Inc provides home warranties in the United States in the United States. Its customizable home warranties help customers protect and maintain their homes from costly and unplanned breakdowns of essential home systems and appliances. The company’s home warranty customers subscribe to an annual service plan agreement that covers the repair or replacement of principal components of approximately 20 home systems and appliances, including electrical, plumbing, water heaters, refrigerators, dishwashers, and ranges/ovens/cooktops, as well as electronics, pools, and spas and pumps; and heating, ventilation, and air conditioning systems.