Frontier Communications Parent, Inc. (NASDAQ:FYBR) Short Interest Update

Frontier Communications Parent, Inc. (NASDAQ:FYBR) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 27,820,000 shares, a decline of 8.7% from the October 15th total of 30,460,000 shares. Based on an average daily trading volume, of 2,730,000 shares, the days-to-cover ratio is presently 10.2 days. Currently, 12.7% of the company’s stock are sold short.

Frontier Communications Parent Stock Performance

NASDAQ FYBR traded down $0.09 on Friday, hitting $20.91. The stock had a trading volume of 1,277,233 shares, compared to its average volume of 2,396,035. Frontier Communications Parent has a one year low of $11.65 and a one year high of $30.83. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 2.15. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 30.75 and a beta of 0.90. The company’s 50-day moving average is $17.07 and its two-hundred day moving average is $16.98.

Frontier Communications Parent (NASDAQ:FYBR) last posted its earnings results on Wednesday, November 1st. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.11. Frontier Communications Parent had a net margin of 2.90% and a return on equity of 3.22%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the firm earned $0.49 EPS. Frontier Communications Parent’s quarterly revenue was down .9% on a year-over-year basis. On average, analysts expect that Frontier Communications Parent will post -0.14 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Ares Management Llc acquired 37,557 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were purchased at an average price of $15.27 per share, for a total transaction of $573,495.39. Following the acquisition, the insider now directly owns 38,355,498 shares of the company’s stock, valued at approximately $585,688,454.46. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought 774,122 shares of company stock worth $12,118,485 in the last quarter. 0.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Ares Management LLC boosted its holdings in shares of Frontier Communications Parent by 5.4% in the first quarter. Ares Management LLC now owns 37,094,654 shares of the company’s stock valued at $844,645,000 after acquiring an additional 1,889,522 shares in the last quarter. Glendon Capital Management LP boosted its holdings in shares of Frontier Communications Parent by 6.2% in the third quarter. Glendon Capital Management LP now owns 24,215,909 shares of the company’s stock valued at $378,979,000 after acquiring an additional 1,417,609 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Frontier Communications Parent by 4.6% in the third quarter. Vanguard Group Inc. now owns 22,962,623 shares of the company’s stock valued at $538,015,000 after acquiring an additional 1,008,529 shares in the last quarter. Capital International Investors boosted its holdings in shares of Frontier Communications Parent by 2.0% in the second quarter. Capital International Investors now owns 16,318,257 shares of the company’s stock valued at $304,172,000 after acquiring an additional 315,164 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Frontier Communications Parent by 14.6% in the third quarter. Canada Pension Plan Investment Board now owns 9,814,910 shares of the company’s stock valued at $153,603,000 after acquiring an additional 1,250,000 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have commented on FYBR. The Goldman Sachs Group cut their price objective on shares of Frontier Communications Parent from $29.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 2nd. JPMorgan Chase & Co. cut their target price on shares of Frontier Communications Parent from $33.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, November 2nd. Benchmark restated a “buy” rating and issued a $35.00 target price on shares of Frontier Communications Parent in a research note on Wednesday, October 18th. Finally, Morgan Stanley cut their target price on shares of Frontier Communications Parent from $18.00 to $16.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.00.

About Frontier Communications Parent

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services in the United States. It offers data and Internet, voice, video, and other services. The company was formerly known as Frontier Communications Corporation and changed its name to Frontier Communications Parent, Inc in April 2021.