Frontier Group (NASDAQ:ULCC) Shares Gap Up Following 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.

Several other equities research analysts have also recently weighed in on ULCC. Bank of America lowered their price target on shares of Frontier Group from $5.50 to $5.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Barclays dropped their target price on Frontier Group from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Monday, August 12th. Raymond James raised Frontier Group from an “underperform” rating to a “market perform” rating in a research report on Monday, September 30th. Susquehanna dropped 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. Finally, TD Cowen boosted their target price on shares of Frontier Group from $3.00 to $4.00 and gave the stock a “hold” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.57.

Institutional Investors Weigh In On Frontier Group

A number of large investors have recently modified their holdings of the business. Blue Trust Inc. purchased a new position in shares of Frontier Group in the 2nd quarter valued at approximately $45,000. nVerses Capital LLC raised its holdings in shares of Frontier Group by 152.5% in the second quarter. nVerses Capital LLC now owns 10,100 shares of the company’s stock worth $50,000 after buying an additional 6,100 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Frontier Group during the second quarter worth $58,000. Arizona State Retirement System grew its holdings in shares of Frontier Group by 29.0% during the second quarter. Arizona State Retirement System now owns 15,672 shares of the company’s stock valued at $77,000 after buying an additional 3,521 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Frontier Group by 27.3% in the 2nd 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 during the period.

Frontier Group Price Performance

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

Frontier Group (NASDAQ:ULCC) last announced its quarterly earnings data 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 firm had revenue of $973.00 million during the quarter, compared to analysts’ expectations of $1.03 billion. Frontier Group had a negative return on equity of 4.09% and a negative net margin of 1.77%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. Equities analysts predict 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.