Bank of America Corp DE Reduces Holdings in Frontier Group Holdings, Inc. (NASDAQ:ULCC)

Bank of America Corp DE reduced its position in Frontier Group Holdings, Inc. (NASDAQ:ULCC - Free Report) by 29.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,140,990 shares of the company's stock after selling 465,166 shares during the quarter. Bank of America Corp DE owned about 0.51% of Frontier Group worth $8,112,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its stake in shares of Frontier Group by 1,230.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,980 shares of the company's stock worth $57,000 after acquiring an additional 7,380 shares during the last quarter. Mutual Advisors LLC increased its stake in shares of Frontier Group by 4.5% in the 4th quarter. Mutual Advisors LLC now owns 187,041 shares of the company's stock worth $1,330,000 after acquiring an additional 8,000 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Frontier Group in the 4th quarter worth $32,000. Spire Wealth Management acquired a new stake in shares of Frontier Group in the 4th quarter worth $327,000. Finally, Rhumbline Advisers increased its stake in shares of Frontier Group by 4.4% in the 4th quarter. Rhumbline Advisers now owns 55,354 shares of the company's stock worth $394,000 after acquiring an additional 2,334 shares during the last quarter.

Analyst Ratings Changes

A number of analysts have issued reports on ULCC shares. Evercore ISI cut their target price on Frontier Group from $7.00 to $5.00 and set an "in-line" rating for the company in a research note on Friday, April 11th. Citigroup lowered their price target on Frontier Group from $7.25 to $4.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Morgan Stanley lowered their price target on Frontier Group from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Barclays lowered their price target on Frontier Group from $14.00 to $10.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Susquehanna lowered their price target on Frontier Group from $9.00 to $3.00 and set a "neutral" rating for the company in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Frontier Group has a consensus rating of "Hold" and a consensus price target of $6.00.

Insider Activity

In related news, SVP Alexandre Clerc sold 15,152 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $6.63, for a total transaction of $100,457.76. Following the completion of the sale, the senior vice president now owns 23,912 shares in the company, valued at $158,536.56. The trade was a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 48.00% of the company's stock.

Frontier Group Trading Down 0.7%

Frontier Group stock traded down $0.03 during midday trading on Wednesday, reaching $4.13. 2,514,954 shares of the stock traded hands, compared to its average volume of 2,761,600. The company has a 50-day simple moving average of $3.81 and a two-hundred day simple moving average of $6.02. Frontier Group Holdings, Inc. has a 12-month low of $2.79 and a 12-month high of $10.26. The firm has a market cap of $940.67 million, a PE ratio of 11.47 and a beta of 2.55. The company has a current ratio of 0.53, a quick ratio of 0.48 and a debt-to-equity ratio of 0.45.

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

Frontier Group 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.