Morgan Stanley Cuts Frontier Group (NASDAQ:ULCC) Price Target to $7.00

Frontier Group (NASDAQ:ULCC) had its price target decreased by Morgan Stanley from $8.00 to $7.00 in a report released on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities analysts have also recently issued reports about the company. Raymond James raised Frontier Group from an “underperform” rating to a “market perform” rating in a research note on Monday, September 30th. Susquehanna lifted their price objective on Frontier Group from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Citigroup lifted their price objective on Frontier Group from $4.70 to $7.15 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. UBS Group began coverage on Frontier Group in a research report on Tuesday, November 26th. They issued a “neutral” rating and a $6.00 price objective on the stock. Finally, Bank of America cut their price objective on Frontier Group from $5.50 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Frontier Group currently has a consensus rating of “Hold” and a consensus price target of $6.46.

Frontier Group Price Performance

Shares of Frontier Group stock opened at $6.31 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.53 and a quick ratio of 0.48. The business’s 50 day simple moving average is $6.18 and its two-hundred day simple moving average is $4.96. The stock has a market capitalization of $1.42 billion, a P/E ratio of -157.71 and a beta of 2.43. Frontier Group has a one year low of $2.79 and a one year high of $8.33.

Frontier Group (NASDAQ:ULCC) last announced 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 during the quarter, compared to analyst estimates of $943.30 million. Frontier Group’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Analysts forecast that Frontier Group will post 0.04 EPS for the current year.

Insider Activity at Frontier Group

In related news, Director Josh T. Connor sold 30,000 shares of Frontier Group stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $5.74, for a total transaction of $172,200.00. Following the sale, the director now directly owns 326,550 shares in the company, valued at $1,874,397. The trade was a 8.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Steve Schuller sold 10,000 shares of Frontier Group stock in a transaction on Friday, October 4th. The shares were sold at an average price of $6.00, for a total value of $60,000.00. Following the transaction, the senior vice president now owns 34,035 shares of the company’s stock, valued at $204,210. The trade was a 22.71 % decrease in their position. The disclosure for this sale can be found here. 81.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new position in Frontier Group during the second quarter valued at $45,000. nVerses Capital LLC raised its stake in Frontier Group by 152.5% during the second quarter. nVerses Capital LLC now owns 10,100 shares of the company’s stock valued at $50,000 after buying an additional 6,100 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Frontier Group during the third quarter valued at $54,000. Ballentine Partners LLC purchased a new position in Frontier Group during the third quarter valued at $55,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Frontier Group during the second quarter valued at $58,000.

Frontier Group Company 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.