Bank of America Issues Pessimistic Forecast for Frontier Group (NASDAQ:ULCC) Stock Price

Frontier Group (NASDAQ:ULCC) had its target price reduced by equities researchers at Bank of America from $10.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 102.90% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft cut Frontier Group from a “buy” rating to a “hold” rating and cut their price target for the stock from $12.00 to $8.00 in a research note on Tuesday, March 4th. Susquehanna upped their target price on Frontier Group from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Barclays raised their price target on shares of Frontier Group from $10.00 to $14.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Citigroup reiterated a “neutral” rating and set a $7.25 price objective on shares of Frontier Group in a research note on Thursday, March 20th. Finally, UBS Group dropped their target price on shares of Frontier Group from $10.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, March 20th. One investment 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.com, Frontier Group has a consensus rating of “Hold” and an average target price of $7.81.

Frontier Group Trading Down 9.2 %

ULCC opened at $3.45 on Thursday. The firm’s 50 day moving average is $6.98 and its 200-day moving average is $6.62. Frontier Group has a 52-week low of $2.79 and a 52-week high of $10.26. The company has a quick ratio of 0.48, a current ratio of 0.53 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $784.01 million, a P/E ratio of 9.58 and a beta of 2.37.

Frontier Group (NASDAQ:ULCC) last released its quarterly earnings results on Friday, February 7th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.20. Frontier Group had a net margin of 2.25% and a return on equity of 9.83%. Analysts expect that Frontier Group will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling

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 transaction, the senior vice president now owns 23,912 shares in the company, valued at approximately $158,536.56. This represents a 38.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Howard Diamond sold 87,830 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $8.77, for a total value of $770,269.10. Following the sale, the executive vice president now owns 175,886 shares of the company’s stock, valued at approximately $1,542,520.22. This represents a 33.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 695,982 shares of company stock valued at $5,776,447. Company insiders own 81.50% of the company’s stock.

Hedge Funds Weigh In On Frontier Group

Several hedge funds have recently bought and sold shares of the business. Intech Investment Management LLC bought a new position in Frontier Group in the 3rd quarter worth $72,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Frontier Group by 81.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 599,006 shares of the company’s stock worth $3,205,000 after acquiring an additional 269,221 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Frontier Group by 251.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,896 shares of the company’s stock worth $64,000 after purchasing an additional 8,507 shares during the period. IHT Wealth Management LLC acquired a new stake in Frontier Group in the 3rd quarter valued at $71,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Frontier Group in the 3rd quarter valued at $188,000.

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.