Frontier Group (NASDAQ:ULCC) Shares Gap Up on Analyst Upgrade

Frontier Group Holdings, Inc. (NASDAQ:ULCC)’s stock price gapped up prior to trading on Wednesday after Citigroup raised their price target on the stock from $4.70 to $7.15. The stock had previously closed at $6.72, but opened at $7.00. Citigroup currently has a neutral rating on the stock. Frontier Group shares last traded at $6.77, with a volume of 586,066 shares trading hands.

A number of other research firms have also commented on ULCC. Evercore ISI boosted their price objective on Frontier Group from $4.00 to $5.00 and gave the stock an “in-line” rating in a research note on Thursday, October 3rd. TD Cowen boosted their price objective on Frontier Group from $3.00 to $4.00 and gave the stock a “hold” rating in a research note on Monday, September 16th. Barclays cut their price target on Frontier Group from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Monday, August 12th. Bank of America cut their price target on Frontier Group from $5.50 to $5.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Raymond James raised Frontier Group from an “underperform” rating to a “market perform” rating in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $6.02.

Insiders Place Their Bets

In other Frontier Group news, SVP Steve Schuller sold 10,000 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $6.00, for a total value of $60,000.00. Following the completion of the sale, the senior vice president now directly owns 34,035 shares in the company, valued at $204,210. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 81.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. U S Global Investors Inc. grew its stake in Frontier Group by 71.4% in the third quarter. U S Global Investors Inc. now owns 7,564,954 shares of the company’s stock valued at $40,473,000 after purchasing an additional 3,150,768 shares in the last quarter. AlTi Global Inc. bought a new position in Frontier Group in the second quarter valued at approximately $21,222,000. Vanguard Group Inc. grew its stake in 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 purchasing an additional 60,943 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Frontier Group by 11.0% in the first quarter. Russell Investments Group Ltd. now owns 1,104,292 shares of the company’s stock valued at $8,956,000 after purchasing an additional 109,418 shares in the last quarter. Finally, Boston Partners grew its stake in Frontier Group by 176.6% in the first quarter. Boston Partners now owns 1,053,270 shares of the company’s stock valued at $8,518,000 after purchasing an additional 672,471 shares in the last quarter.

Frontier Group Stock Performance

The company has a quick ratio of 0.48, a current ratio of 0.52 and a debt-to-equity ratio of 0.43. The stock has a 50 day simple moving average of $4.59 and a two-hundred day simple moving average of $4.98. The stock has a market capitalization of $1.53 billion, a P/E ratio of -57.08 and a beta of 2.55.

Frontier Group (NASDAQ:ULCC) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. Frontier Group had a negative return on equity of 4.09% and a negative net margin of 1.77%. The firm had revenue of $973.00 million during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the company earned $0.31 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. On average, equities analysts forecast that Frontier Group Holdings, Inc. will post 0.08 EPS for the current fiscal year.

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.