Frontier Group Holdings, Inc. $ULCC Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Frontier Group stake by 33.9% in the first quarter, selling 217,827 shares and retaining 425,166 shares valued at approximately $1.5 million.
• Frontier reported a quarterly loss of $0.10 per share, outperforming the $0.47 loss analysts expected, while revenue rose 37.7% year over year to $1.28 billion.
• Investor sentiment remains cautious: insiders sold more than 12 million shares worth nearly $87 million during the quarter, and analysts give ULCC an average “Reduce” rating with a consensus price target of $6.86.

Bank of America Corp DE lessened its stake in Frontier Group Holdings, Inc. (NASDAQ:ULCC - Free Report) by 33.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 425,166 shares of the company's stock after selling 217,827 shares during the period. Bank of America Corp DE owned 0.19% of Frontier Group worth $1,501,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new position in Frontier Group during the third quarter valued at about $27,000. Quarry LP acquired a new position in shares of Frontier Group in the 4th quarter worth approximately $34,000. Atlas Wealth LLC bought a new stake in shares of Frontier Group in the 1st quarter worth approximately $33,000. Brooklyn Investment Group lifted its stake in Frontier Group by 490.7% during the third quarter. Brooklyn Investment Group now owns 10,928 shares of the company's stock valued at $48,000 after purchasing an additional 9,078 shares during the last quarter. Finally, Numerai GP LLC bought a new stake in Frontier Group during the third quarter worth approximately $61,000.

Frontier Group Price Performance

Shares of ULCC stock opened at $5.74 on Friday. Frontier Group Holdings, Inc. has a 1 year low of $3.02 and a 1 year high of $8.40. The firm's 50 day moving average is $6.65 and its 200-day moving average is $5.38. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -3.42 and a beta of 2.57. The company has a current ratio of 0.58, a quick ratio of 0.54 and a debt-to-equity ratio of 2.77.

Frontier Group (NASDAQ:ULCC - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.47) by $0.37. The company had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.22 billion. Frontier Group had a negative net margin of 9.29% and a negative return on equity of 35.54%. The business's revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.31) EPS. Frontier Group has set its Q4 2026 guidance at 0.000-0.200 EPS and its Q3 2026 guidance at -0.100-0.100 EPS. Sell-side analysts forecast that Frontier Group Holdings, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, SVP Steve Schuller sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $7.55, for a total transaction of $75,500.00. Following the sale, the senior vice president owned 87,175 shares in the company, valued at $658,171.25. This represents a 10.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Group Holdings - Frontier Llc sold 11,700,000 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $7.20, for a total transaction of $84,240,000.00. Following the completion of the sale, the insider owned 22,706,526 shares of the company's stock, valued at approximately $163,486,987.20. This represents a 34.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 12,038,682 shares of company stock worth $86,961,581. 48.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on ULCC shares. Wall Street Zen upgraded shares of Frontier Group from a "sell" rating to a "hold" rating in a report on Sunday, June 21st. Zacks Research lowered shares of Frontier Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Weiss Ratings downgraded shares of Frontier Group from a "sell (d)" rating to a "sell (d-)" rating in a research note on Thursday, July 30th. Susquehanna increased their target price on Frontier Group from $4.50 to $7.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. Finally, Barclays lifted their price target on Frontier Group from $4.00 to $7.00 and gave the company an "underweight" rating in a report on Thursday, June 25th. Six research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Frontier Group has an average rating of "Reduce" and a consensus target price of $6.86.

Frontier Group Profile

Frontier Group, trading on Nasdaq under the ticker ULCC, is the holding company for Frontier Airlines, an ultra-low-cost carrier based in Denver, Colorado. The company’s core business centers on providing no-frills air travel across a point-to-point network while generating ancillary revenue from add-on services such as baggage fees, seat selection, priority boarding and in-flight refreshments. This fare-plus-a-la-carte model allows Frontier to offer competitive base fares and maintain low operating costs.

Founded in February 1994 by industry veterans Andrew Levy and Russell Beardsmore, Frontier Airlines commenced operations with a small fleet of MD-80 aircraft.

Want to see what other hedge funds are holding ULCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontier Group Holdings, Inc. (NASDAQ:ULCC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.