DENVER—Josh T. Connor, a director at Frontier Group Holdings , Inc. (NASDAQ:ULCC), has recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Connor sold a total of 60,000 shares over two days, amounting to approximately $350,811. The ultra-low-cost carrier, currently valued at $1.3 billion in market capitalization, has seen its stock price rise over 40% in the past year despite operational challenges.
The transactions occurred on December 3 and December 4, with shares being sold at weighted average prices ranging from $5.74 to $5.9517. Following these transactions, Connor holds 296,550 shares of the company. According to InvestingPro analysis, the stock is currently trading near its Fair Value, with analysts setting price targets ranging from $4 to $10 per share.
These sales come as part of routine portfolio management and do not necessarily indicate any change in Connor's view of the company's prospects. Frontier Group Holdings, known for its low-cost airline services, continues to operate from its headquarters in Denver, Colorado. InvestingPro data reveals that while the company faces some operational challenges, analysts expect it to return to profitability this year. Subscribers can access 12 additional exclusive ProTips and comprehensive financial analysis through the Pro Research Report.
In other recent news, Frontier Group Holdings maintained its Q4 financial outlook, anticipating an adjusted pre-tax margin between 0 and 2 percent. The company's latest regulatory filing also revealed an anticipated average fuel cost per gallon for Q4 to be between $2.45 and $2.50. Frontier Communications (OTC:FTRCQ) Parent, Inc. reported Q3 results, which missed earnings expectations but surpassed revenue forecasts, generating revenue of $1.49 billion. In other developments, UBS set Frontier Group Holdings shares at Neutral, expecting an increase in the company's revenue per available seat mile due to the maturing of new markets and routes. However, UBS also anticipates that Frontier will face cost pressures, particularly from increased aircraft rent and reduced gains from sale-leaseback transactions. Melius maintains a positive view on the U.S. airline industry, emphasizing the importance of structural changes and free cash flow generation. Looking specifically at Frontier Airlines, projected revenue growth of 4% for FY2024 is indicated. These are recent developments in the airline industry.
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