Frontier Group (NASDAQ:ULCC) Stock Price Up 7.3% Following Earnings Beat

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

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

Wall Street Analyst Weigh In

ULCC has been the subject of several research analyst reports. Morgan Stanley lowered their price objective on shares of Frontier Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. UBS Group upped their price target on Frontier Group from $6.00 to $8.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Barclays increased their price objective on Frontier Group from $10.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup boosted their target price on shares of Frontier Group from $4.70 to $7.15 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Frontier Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $6.00 to $8.00 in a research note on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $7.41.

Insider Transactions at Frontier Group

In other Frontier Group news, CEO Barry Biffle sold 273,000 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.44, for a total transaction of $2,304,120.00. Following the completion of the transaction, the chief executive officer now owns 816,817 shares in the company, valued at $6,893,935.48. This trade represents a 25.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Steve Schuller sold 5,000 shares of Frontier Group stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $7.07, for a total transaction of $35,350.00. Following the completion of the transaction, the senior vice president now directly owns 47,590 shares of the company’s stock, valued at $336,461.30. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 788,000 shares of company stock valued at $6,214,070 over the last 90 days. Company insiders own 81.50% of the company’s stock.

Hedge Funds Weigh In On Frontier Group

Large investors have recently modified their holdings of the stock. R Squared Ltd purchased a new position in shares of Frontier Group during the 4th quarter worth about $32,000. KLP Kapitalforvaltning AS bought a new stake in shares of Frontier Group during the 4th quarter worth approximately $50,000. Nisa Investment Advisors LLC boosted its holdings in Frontier Group by 1,230.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 7,980 shares of the company’s stock valued at $57,000 after acquiring an additional 7,380 shares during the period. Victory Capital Management Inc. bought a new position in Frontier Group in the 3rd quarter valued at $54,000. Finally, Ballentine Partners LLC purchased a new stake in Frontier Group in the third quarter worth $55,000.

Frontier Group Price Performance

The stock’s 50 day moving average price is $7.61 and its 200-day moving average price is $5.88. 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 stock has a market capitalization of $2.19 billion, a PE ratio of -243.19 and a beta of 2.35.

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.