Frontier Group (NASDAQ:ULCC) Trading Up 7.3% After Strong Earnings

Frontier Group Holdings, Inc. (NASDAQ:ULCC)’s stock price shot up 7.3% during mid-day trading on Monday following a stronger than expected earnings report. The stock traded as high as $9.96 and last traded at $10.03. 1,999,999 shares changed hands during trading, a decline of 23% from the average session volume of 2,598,872 shares. The stock had previously closed at $9.34.

The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.20.

Wall Street Analyst Weigh In

ULCC has been the subject of several research analyst reports. Susquehanna upped their price target on shares of Frontier Group from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Citigroup increased their target price on Frontier Group from $4.70 to $7.15 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. UBS Group lifted their price target on Frontier Group from $6.00 to $8.50 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Barclays raised their price objective on shares of Frontier Group from $10.00 to $14.00 and gave the company an “overweight” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Frontier Group from a “hold” rating to a “buy” rating and boosted their target price for the stock from $6.00 to $8.00 in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Frontier Group presently has an average rating of “Hold” and a consensus target price of $7.41.

Insider Transactions at Frontier Group

In other Frontier Group news, SVP Steve Schuller sold 5,000 shares of Frontier Group stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $7.07, for a total value of $35,350.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Barry Biffle sold 273,000 shares of the stock in a transaction dated 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 directly owns 816,817 shares in the company, valued at $6,893,935.48. This trade represents a 25.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 788,000 shares of company stock worth $6,214,070 over the last three months. 81.50% of the stock is owned by company insiders.

Institutional Trading of Frontier Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ULCC. U S Global Investors Inc. raised its position in shares of Frontier Group by 71.4% during the third quarter. U S Global Investors Inc. now owns 7,564,954 shares of the company’s stock worth $40,473,000 after purchasing an additional 3,150,768 shares during the period. Highland Peak Capital LLC bought a new stake in Frontier Group during the 4th quarter valued at $6,492,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Frontier Group by 247.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 926,093 shares of the company’s stock worth $6,585,000 after buying an additional 659,811 shares during the last quarter. Verition Fund Management LLC lifted its stake in shares of Frontier Group by 235.7% in the third quarter. Verition Fund Management LLC now owns 646,243 shares of the company’s stock valued at $3,457,000 after buying an additional 453,736 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Frontier Group by 38.4% during the third quarter. Geode Capital Management LLC now owns 1,590,598 shares of the company’s stock valued at $8,512,000 after buying an additional 441,001 shares during the last quarter.

Frontier Group Trading Up 7.7 %

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 capitalization of $2.27 billion, a P/E ratio of -251.44 and a beta of 2.35. The firm’s 50-day moving average price is $7.53 and its 200 day moving average price is $5.84.

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.