Frontier Communications Parent (NASDAQ:FYBR) Sees Strong Trading Volume – Here’s What Happened

Frontier Communications Parent, Inc. (NASDAQ:FYBR) shares saw unusually-high trading volume on Wednesday . Approximately 5,682,124 shares traded hands during trading, an increase of 160% from the previous session’s volume of 2,183,611 shares.The stock last traded at $34.81 and had previously closed at $34.15.

Analysts Set New Price Targets

FYBR has been the subject of several recent research reports. Benchmark restated a “buy” rating and set a $37.00 target price on shares of Frontier Communications Parent in a report on Thursday, September 5th. Moffett Nathanson lowered shares of Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. lowered shares of Frontier Communications Parent from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $35.00 to $38.50 in a research report on Tuesday, September 17th. The Goldman Sachs Group upped their price target on shares of Frontier Communications Parent from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $38.50 price objective (up from $31.00) on shares of Frontier Communications Parent in a research report on Friday, September 6th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.31.

Frontier Communications Parent Trading Up 0.2 %

The firm’s fifty day simple moving average is $35.49 and its 200-day simple moving average is $29.88. The stock has a market cap of $8.65 billion, a P/E ratio of -46.33 and a beta of 1.10. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.77 and a current ratio of 0.77.

Frontier Communications Parent (NASDAQ:FYBR) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.11). The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.46 billion. Frontier Communications Parent had a negative net margin of 3.19% and a negative return on equity of 3.61%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 EPS. Equities research analysts expect that Frontier Communications Parent, Inc. will post -0.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Frontier Communications Parent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Redwood Investment Management LLC purchased a new position in shares of Frontier Communications Parent during the first quarter worth about $641,000. Luxor Capital Group LP boosted its stake in Frontier Communications Parent by 1.6% in the second quarter. Luxor Capital Group LP now owns 2,796,332 shares of the company’s stock worth $73,208,000 after buying an additional 43,542 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Frontier Communications Parent by 24.4% during the second quarter. Dimensional Fund Advisors LP now owns 8,088,749 shares of the company’s stock valued at $211,758,000 after purchasing an additional 1,587,145 shares during the period. Vanguard Group Inc. grew its holdings in shares of Frontier Communications Parent by 0.5% in the first quarter. Vanguard Group Inc. now owns 24,072,547 shares of the company’s stock worth $589,777,000 after purchasing an additional 108,344 shares during the last quarter. Finally, Affinity Wealth Management LLC bought a new position in shares of Frontier Communications Parent in the third quarter worth approximately $4,060,000.

About Frontier Communications Parent

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services in the United States. It offers broadband, video, voice, and other value-added services. The company also provides data and Internet, including broadband networking services; data-based voice over internet protocol, unified communications, long-distance, and voice messaging services; video services under the Frontier TV brand; access services; hardware and network solutions; and packages of services.