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DENVER—Josh Wetzel, Vice President and Chief Accounting Officer at Frontier Group Holdings , Inc. (NASDAQ:ULCC), recently sold 12,000 shares of the company's common stock. The shares were sold at a weighted average price of $6.7505, totaling approximately $81,006. The transactions were executed on November 14, 2024, with the sale prices ranging between $6.74 and $6.76 per share.
Following these transactions, Wetzel retains ownership of 1,422 shares in the company. The sale was conducted directly by Wetzel, as indicated in the filing with the Securities and Exchange Commission.
In other recent news, Frontier Communications (OTC:FTRCQ) reported third quarter results, posting a wider-than-expected loss but surpassing revenue forecasts. The company reported a loss of $0.33 per share, which is greater than analysts' estimates of a $0.19 loss per share. However, revenue was at $1.49 billion, exceeding the consensus forecast of $1.46 billion.
Frontier Communications made notable strides in its customer base, adding 108,000 fiber broadband customers in the third quarter. This addition brings its total fiber broadband customer base to 2.3 million, marking a 19.3% increase year over year. The company's fiber network also expanded, reaching 7.6 million total locations passed, which is an increase of 381,000 from the previous quarter.
Consumer fiber broadband revenue grew by 21.8% year over year to $414 million. This growth was driven by an increase in customers and average revenue per user (ARPU), which rose by 1.4% year over year to $65.40. For the full year, Frontier maintains its guidance for adjusted EBITDA of $2.11-$2.16 billion and capital expenditures of $2.8-$3.0 billion.
InvestingPro Insights
As Josh Wetzel, Frontier Group Holdings' Vice President and Chief Accounting Officer, offloads a significant portion of his shares, investors might be curious about the company's financial health and market performance. According to InvestingPro data, Frontier Group Holdings (NASDAQ:ULCC) has a market capitalization of $1.53 billion, with its stock price showing strong momentum. The company has seen a remarkable 97.94% price return over the last three months and a 63.75% return over the past year.
Despite these positive stock movements, InvestingPro Tips reveal some underlying challenges. The company operates with a significant debt burden and may have trouble making interest payments. This financial strain is reflected in the company's negative operating income of $298 million for the last twelve months as of Q3 2023. Additionally, Frontier Group is quickly burning through cash, which could be a concern for long-term sustainability.
On a more optimistic note, analysts predict that Frontier Group will be profitable this year, with net income expected to grow. This aligns with the recent insider sale, as executives often sell shares for various reasons, including portfolio diversification, even when they maintain a positive outlook on the company's future.
For investors seeking a deeper understanding of Frontier Group's financial position, InvestingPro offers 13 additional tips, providing a comprehensive analysis to inform investment decisions.
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