Frontier Group (NASDAQ:ULCC) Trading Up 7.3% on Better-Than-Expected Earnings

Frontier Group Holdings, Inc. (NASDAQ:ULCC) shares were up 7.3% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $9.96 and last traded at $10.03. Approximately 1,999,999 shares traded hands during 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.20.

Analyst Upgrades and Downgrades

ULCC has been the subject of a number of recent analyst reports. Susquehanna upped their price objective on shares of Frontier Group from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft raised Frontier Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $6.00 to $8.00 in a research report on Wednesday, December 11th. UBS Group increased their target price on Frontier Group from $6.00 to $8.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Morgan Stanley reduced their price target 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. Finally, Barclays raised their price objective on shares of Frontier Group from $10.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.41.

Insider Buying and Selling

In related news, CEO Barry Biffle sold 160,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $8.38, for a total transaction of $1,340,800.00. Following the transaction, the chief executive officer now directly owns 864,817 shares of the company’s stock, valued at approximately $7,247,166.46. The trade was a 15.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Josh T. Connor sold 30,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $5.74, for a total value of $172,200.00. Following the sale, the director now directly owns 326,550 shares of the company’s stock, valued at $1,874,397. This represents a 8.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 788,000 shares of company stock worth $6,214,070. Corporate insiders own 81.50% of the company’s stock.

Institutional Trading of Frontier Group

Several large investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its position 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 worth $8,512,000 after buying an additional 441,001 shares during the period. Algert Global LLC grew its stake in Frontier Group by 80.2% during the third quarter. Algert Global LLC now owns 451,508 shares of the company’s stock worth $2,416,000 after purchasing an additional 200,885 shares during the period. Creative Planning increased its holdings in Frontier Group by 81.0% in the third quarter. Creative Planning now owns 234,026 shares of the company’s stock worth $1,252,000 after purchasing an additional 104,707 shares in the last quarter. U S Global Investors Inc. lifted 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 buying an additional 3,150,768 shares during the period. Finally, Victory Capital Management Inc. bought a new position in shares of Frontier Group during the 3rd quarter worth approximately $54,000.

Frontier Group Trading Up 8.4 %

The firm’s 50-day moving average price is $7.45 and its 200 day moving average price is $5.80. The company has a market cap of $2.28 billion, a price-to-earnings ratio of -252.34 and a beta of 2.35. The company has a current ratio of 0.53, a quick ratio of 0.48 and a debt-to-equity ratio of 0.57.

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.