Frontier Group (NASDAQ:ULCC) Shares Gap Up Following Strong Earnings

Shares of Frontier Group Holdings, Inc. (NASDAQ:ULCC) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $5.84, but opened at $6.64. Frontier Group shares last traded at $6.04, with a volume of 409,985 shares trading hands.

The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.09. Frontier Group had a positive return on equity of 3.53% and a negative net margin of 0.67%. The company had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $859.21 million. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. The business’s quarterly revenue was up 2.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

ULCC has been the topic of several analyst reports. UBS Group started coverage on Frontier Group in a report on Wednesday, March 20th. They set a “neutral” rating and a $8.00 price target on the stock. Susquehanna upped their price objective on shares of Frontier Group from $5.00 to $7.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Barclays lifted their target price on shares of Frontier Group from $7.00 to $9.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Evercore ISI boosted their target price on shares of Frontier Group from $7.00 to $8.50 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Finally, TD Cowen lowered their price target on Frontier Group from $8.00 to $6.50 and set a “hold” rating on the stock in a research report on Friday. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Frontier Group currently has an average rating of “Hold” and an average target price of $7.28.

Insider Activity

In other Frontier Group news, CEO Barry Biffle sold 151,620 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $7.72, for a total value of $1,170,506.40. Following the completion of the sale, the chief executive officer now owns 772,981 shares in the company, valued at approximately $5,967,413.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 81.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Frontier Group

A number of hedge funds have recently made changes to their positions in ULCC. Signaturefd LLC acquired a new stake in shares of Frontier Group during the 3rd quarter valued at about $28,000. PNC Financial Services Group Inc. lifted its stake in Frontier Group by 632.0% during the third quarter. PNC Financial Services Group Inc. now owns 5,768 shares of the company’s stock worth $28,000 after purchasing an additional 4,980 shares during the period. CWM LLC boosted its holdings in Frontier Group by 1,705.7% during the third quarter. CWM LLC now owns 6,627 shares of the company’s stock valued at $32,000 after purchasing an additional 6,260 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Frontier Group in the 3rd quarter valued at approximately $58,000. Finally, Private Advisor Group LLC bought a new stake in shares of Frontier Group in the 4th quarter valued at approximately $59,000.

Frontier Group Stock Down 3.0 %

The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.50. The stock has a fifty day moving average price of $7.11 and a 200-day moving average price of $5.71.

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.