State Street Corp Decreases Stake in Frontier Group Holdings, Inc. (NASDAQ:ULCC)

State Street Corp cut its holdings in shares of Frontier Group Holdings, Inc. (NASDAQ:ULCC) by 2.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,007,478 shares of the company’s stock after selling 26,843 shares during the quarter. State Street Corp’s holdings in Frontier Group were worth $5,390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. U S Global Investors Inc. lifted its holdings in Frontier Group by 71.4% during the 3rd quarter. U S Global Investors Inc. now owns 7,564,954 shares of the company’s stock worth $40,473,000 after purchasing an additional 3,150,768 shares in the last quarter. AlTi Global Inc. purchased a new position in Frontier Group during the 2nd quarter valued at about $21,222,000. Verition Fund Management LLC increased its position in shares of Frontier Group by 235.7% during the third quarter. Verition Fund Management LLC now owns 646,243 shares of the company’s stock valued at $3,457,000 after buying an additional 453,736 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Frontier Group by 81.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 599,006 shares of the company’s stock worth $3,205,000 after buying an additional 269,221 shares in the last quarter. Finally, Algert Global LLC boosted its position in shares of Frontier Group by 80.2% in the third quarter. Algert Global LLC now owns 451,508 shares of the company’s stock valued at $2,416,000 after acquiring an additional 200,885 shares during the period.

Insider Activity at Frontier Group

In other Frontier Group news, SVP Steve Schuller sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $6.00, for a total value of $60,000.00. Following the completion of the sale, the senior vice president now owns 34,035 shares in the company, valued at approximately $204,210. The trade was a 22.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Barry Biffle sold 160,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $6.88, for a total value of $1,100,800.00. Following the sale, the chief executive officer now directly owns 784,817 shares of the company’s stock, valued at approximately $5,399,540.96. This trade represents a 16.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 200,000 shares of company stock valued at $1,333,000. Insiders own 81.50% of the company’s stock.

Frontier Group Stock Performance

Shares of NASDAQ ULCC opened at $7.17 on Friday. The stock’s 50-day moving average is $6.33 and its 200 day moving average is $5.06. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -179.21 and a beta of 2.43. Frontier Group Holdings, Inc. has a 1-year low of $2.79 and a 1-year high of $8.33. The company has a current ratio of 0.53, a quick ratio of 0.48 and a debt-to-equity ratio of 0.57.

Frontier Group (NASDAQ:ULCC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The business had revenue of $935.00 million for the quarter, compared to analyst estimates of $943.30 million. Frontier Group’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) EPS. On average, sell-side analysts anticipate that Frontier Group Holdings, Inc. will post 0.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ULCC has been the topic of a number of analyst reports. Bank of America decreased their target price on shares of Frontier Group from $5.50 to $5.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Raymond James raised shares of Frontier Group from an “underperform” rating to a “market perform” rating in a report on Monday, September 30th. Barclays lifted their price objective on Frontier Group from $7.00 to $10.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Evercore ISI upped their target price on Frontier Group from $4.00 to $5.00 and gave the stock an “in-line” rating in a research note on Thursday, October 3rd. Finally, Citigroup lifted their price target on Frontier Group from $4.70 to $7.15 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Frontier Group presently has an average rating of “Hold” and an average price target of $6.46.

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.