700,000 Shares in Frontier Group Holdings, Inc. (NASDAQ:ULCC) Purchased by Empyrean Capital Partners LP

Empyrean Capital Partners LP purchased a new position in Frontier Group Holdings, Inc. (NASDAQ:ULCC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 700,000 shares of the company's stock, valued at approximately $4,977,000. Empyrean Capital Partners LP owned 0.31% of Frontier Group as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ULCC. R Squared Ltd acquired a new position in shares of Frontier Group in the 4th quarter worth approximately $32,000. KLP Kapitalforvaltning AS acquired a new position in shares of Frontier Group during the 4th quarter valued at $50,000. Nisa Investment Advisors LLC lifted its position in shares of 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. Aigen Investment Management LP acquired a new position in shares of Frontier Group during the 4th quarter valued at $96,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Frontier Group during the 4th quarter valued at $96,000.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Bank of America dropped their target price on shares of Frontier Group from $10.00 to $7.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. UBS Group lowered their price objective on shares of Frontier Group from $7.00 to $4.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Frontier Group from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $12.00 to $8.00 in a report on Tuesday, March 4th. Barclays lowered their price objective on shares of Frontier Group from $14.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Susquehanna lowered their price objective on shares of Frontier Group from $9.00 to $3.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $6.11.

Frontier Group Trading Up 4.0%

Shares of ULCC traded up $0.15 during trading hours on Friday, reaching $3.88. 5,392,648 shares of the company traded hands, compared to its average volume of 2,674,538. The company's fifty day moving average price is $4.32 and its two-hundred day moving average price is $6.22. The company has a market capitalization of $883.73 million, a price-to-earnings ratio of 10.78 and a beta of 2.55. The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.45. Frontier Group Holdings, Inc. has a 12 month low of $2.79 and a 12 month high of $10.26.

Frontier Group (NASDAQ:ULCC - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.03. The business had revenue of $912.00 million for the quarter, compared to analyst estimates of $996.05 million. Frontier Group had a net margin of 2.25% and a return on equity of 9.83%. Frontier Group's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. Equities research analysts predict that Frontier Group Holdings, Inc. will post 0.91 earnings per share for the current fiscal year.

Insider Activity

In other Frontier Group news, SVP Alexandre Clerc sold 15,152 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $6.63, for a total value of $100,457.76. Following the completion of the transaction, the senior vice president now directly owns 23,912 shares in the company, valued at $158,536.56. This represents a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Howard Diamond sold 87,830 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $8.77, for a total transaction of $770,269.10. Following the completion of the transaction, the executive vice president now owns 175,886 shares of the company's stock, valued at approximately $1,542,520.22. The trade was a 33.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 48.00% of the stock is owned by corporate insiders.

About Frontier Group

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.