Frontier Group (NASDAQ:ULCC) Shares Gap Up - Here's What Happened

Frontier Group Holdings, Inc. (NASDAQ:ULCC - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $4.01, but opened at $4.23. Frontier Group shares last traded at $4.38, with a volume of 1,748,252 shares.

Analysts Set New Price Targets

Several research firms have recently issued reports on ULCC. Bank of America reduced their price target on Frontier Group from $4.75 to $4.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 1st. UBS Group set a $4.00 price target on Frontier Group and gave the stock a "neutral" rating in a research report on Monday, July 7th. Barclays reduced their price target on Frontier Group from $14.00 to $10.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Citigroup reduced their price target on Frontier Group from $7.25 to $4.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Evercore ISI reduced their price target on Frontier Group from $7.00 to $5.00 and set an "in-line" rating on the stock in a research report on Friday, April 11th. One 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 company's stock. Based on data from MarketBeat, Frontier Group currently has a consensus rating of "Hold" and a consensus target price of $5.67.

Frontier Group Trading Down 4.6%

The company has a fifty day simple moving average of $3.86 and a two-hundred day simple moving average of $5.49. The company has a quick ratio of 0.45, a current ratio of 0.49 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $947.48 million, a P/E ratio of 32.00 and a beta of 2.60.

Frontier Group (NASDAQ:ULCC - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.03. The firm had revenue of $912.00 million for the quarter, compared to analyst estimates of $996.05 million. Frontier Group had a return on equity of 5.53% and a net margin of 1.78%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) earnings per share. On average, sell-side analysts expect that Frontier Group Holdings, Inc. will post 0.91 earnings per share for the current year.

Insider Activity

In other Frontier Group news, SVP Alexandre Clerc sold 12,000 shares of Frontier Group stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $3.89, for a total value of $46,680.00. Following the sale, the senior vice president owned 11,912 shares of the company's stock, valued at $46,337.68. This trade represents a 50.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 48.00% of the stock is owned by corporate insiders.

Institutional Trading of Frontier Group

Several hedge funds and other institutional investors have recently modified their holdings of ULCC. Byrne Asset Management LLC acquired a new stake in shares of Frontier Group in the 1st quarter valued at about $35,000. Baron Wealth Management LLC acquired a new stake in shares of Frontier Group in the 2nd quarter valued at about $37,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Frontier Group in the 4th quarter valued at about $50,000. Victory Capital Management Inc. acquired a new stake in shares of Frontier Group in the 1st quarter valued at about $76,000. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of Frontier Group in the 1st quarter valued at about $77,000.

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.