Frontier Group (NASDAQ:ULCC) Shares Gap Up on Analyst Upgrade

Frontier Group Holdings, Inc. (NASDAQ:ULCC)’s stock price gapped up prior to trading on Friday after Evercore ISI raised their price target on the stock from $4.00 to $5.00. The stock had previously closed at $4.99, but opened at $5.50. Evercore ISI currently has an in-line rating on the stock. Frontier Group shares last traded at $5.95, with a volume of 1,596,636 shares changing hands.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut Frontier Group from a “neutral” rating to an “underweight” rating in a report on Tuesday, July 30th. Susquehanna lowered their price objective on Frontier Group from $4.50 to $3.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Bank of America dropped their price objective on shares of Frontier Group from $5.50 to $5.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Barclays decreased their target price on shares of Frontier Group from $7.00 to $6.00 and set an “overweight” rating for the company in a research note on Monday, August 12th. Finally, Citigroup raised their price target on shares of Frontier Group from $3.50 to $4.70 and gave the company a “neutral” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Frontier Group currently has an average rating of “Hold” and a consensus target price of $5.57.

Hedge Funds Weigh In On Frontier Group

A number of large investors have recently added to or reduced their stakes in ULCC. Price T Rowe Associates Inc. MD grew its position in shares of Frontier Group by 11.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 26,010 shares of the company’s stock valued at $211,000 after purchasing an additional 2,746 shares during the period. Arizona State Retirement System boosted its holdings in Frontier Group by 29.0% in the 2nd quarter. Arizona State Retirement System now owns 15,672 shares of the company’s stock worth $77,000 after buying an additional 3,521 shares during the last quarter. Rhumbline Advisers increased its stake in Frontier Group by 2.3% during the 2nd quarter. Rhumbline Advisers now owns 160,070 shares of the company’s stock worth $789,000 after buying an additional 3,543 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Frontier Group by 10.6% during the second quarter. XTX Topco Ltd now owns 41,103 shares of the company’s stock valued at $203,000 after acquiring an additional 3,936 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Frontier Group by 27.3% in the second quarter. The Manufacturers Life Insurance Company now owns 19,970 shares of the company’s stock valued at $98,000 after acquiring an additional 4,279 shares in the last quarter.

Frontier Group Price Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 0.52 and a quick ratio of 0.48. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -48.41 and a beta of 2.55. The stock has a 50 day moving average price of $3.92 and a 200-day moving average price of $5.11.

Frontier Group (NASDAQ:ULCC) last announced its earnings results on Thursday, August 8th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $973.00 million for the quarter, compared to analysts’ expectations of $1.03 billion. Frontier Group had a negative net margin of 1.77% and a negative return on equity of 4.09%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 EPS. On average, analysts forecast that Frontier Group Holdings, Inc. will post 0.05 earnings per share for the current year.

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.