Frontier Group (NASDAQ:ULCC) Cut to “Market Perform” at TD Cowen

TD Cowen downgraded shares of Frontier Group (NASDAQ:ULCC) from an outperform rating to a market perform rating in a research note issued to investors on Thursday morning, MarketBeat reports. TD Cowen currently has $8.00 price target on the stock, down from their previous price target of $12.00.

Several other brokerages have also recently commented on ULCC. Susquehanna reduced their price objective on shares of Frontier Group from $10.00 to $9.00 and set a neutral rating for the company in a research note on Tuesday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of Frontier Group from $12.00 to $10.00 and set a neutral rating for the company in a report on Wednesday, August 2nd. Citigroup dropped their target price on shares of Frontier Group from $19.00 to $16.00 in a report on Friday, August 4th. Bank of America dropped their target price on shares of Frontier Group from $13.00 to $12.00 in a report on Monday, June 26th. Finally, Raymond James dropped their target price on shares of Frontier Group from $15.00 to $12.00 and set an outperform rating for the company in a report on Wednesday, August 2nd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Frontier Group has an average rating of Moderate Buy and an average target price of $13.36.

Frontier Group Stock Down 0.5 %

Shares of NASDAQ ULCC opened at $5.54 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 0.40. Frontier Group has a 52 week low of $5.31 and a 52 week high of $14.34. The firm has a 50-day moving average price of $7.80 and a 200 day moving average price of $8.75. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 9.89 and a beta of 2.09.

Frontier Group (NASDAQ:ULCC) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.28 by $0.03. Frontier Group had a net margin of 3.56% and a return on equity of 25.80%. The firm had revenue of $967.00 million during the quarter, compared to analysts’ expectations of $966.73 million. During the same quarter last year, the business earned $0.09 earnings per share. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts anticipate that Frontier Group will post 0.6 EPS for the current fiscal year.

Insider Transactions at Frontier Group

In other news, CEO Barry Biffle sold 223,647 shares of Frontier Group stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $7.94, for a total transaction of $1,775,757.18. Following the completion of the sale, the chief executive officer now directly owns 800,537 shares in the company, valued at $6,356,263.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Frontier Group news, CEO Barry Biffle sold 223,647 shares of Frontier Group stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $7.94, for a total transaction of $1,775,757.18. Following the transaction, the chief executive officer now directly owns 800,537 shares of the company’s stock, valued at $6,356,263.78. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James G. Dempsey sold 183,464 shares of Frontier Group stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $8.26, for a total transaction of $1,515,412.64. Following the transaction, the chief financial officer now directly owns 87,507 shares in the company, valued at $722,807.82. The disclosure for this sale can be found here. Insiders sold a total of 701,529 shares of company stock worth $5,641,196 over the last ninety days. 83.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ULCC. Royal Bank of Canada lifted its position in shares of Frontier Group by 45.7% during the third quarter. Royal Bank of Canada now owns 3,387 shares of the company’s stock worth $32,000 after purchasing an additional 1,062 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Frontier Group by 89.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,960 shares of the company’s stock worth $59,000 after buying an additional 2,815 shares during the last quarter. State of Wyoming increased its stake in shares of Frontier Group by 27.9% in the second quarter. State of Wyoming now owns 6,655 shares of the company’s stock worth $64,000 after buying an additional 1,452 shares during the last quarter. Point72 Middle East FZE bought a new stake in shares of Frontier Group in the fourth quarter worth $73,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Frontier Group in the second quarter worth $104,000.

About Frontier Group

Frontier Group Holdings, Inc, a low-fare airline company, provides air transportation for passengers in United States and international destinations in the Americas. It offers its services through direct distribution channels, including its website, mobile app, and call center. Frontier Group Holdings, Inc was incorporated in 2013 and is headquartered in Denver, Colorado.