Frontier Communications Parent (NASDAQ:FYBR) Sees Unusually-High Trading Volume – Here’s Why

Frontier Communications Parent, Inc. (NASDAQ:FYBR) shares saw unusually-strong trading volume on Friday . Approximately 6,321,753 shares traded hands during mid-day trading, an increase of 154% from the previous session’s volume of 2,491,806 shares.The stock last traded at $35.85 and had previously closed at $35.95.

Analysts Set New Price Targets

Several analysts have issued reports on FYBR shares. New Street Research downgraded Frontier Communications Parent from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 21st. Raymond James downgraded Frontier Communications Parent from a “market perform” rating to an “underperform” rating in a research note on Thursday, February 6th. Finally, Benchmark reissued a “hold” rating on shares of Frontier Communications Parent in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.31.

Frontier Communications Parent Price Performance

The company has a market cap of $8.94 billion, a P/E ratio of -27.74 and a beta of 1.04. The company has a fifty day moving average price of $35.78 and a two-hundred day moving average price of $35.41. 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 announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.28). Frontier Communications Parent had a negative net margin of 5.42% and a negative return on equity of 6.25%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. On average, sell-side analysts anticipate that Frontier Communications Parent, Inc. will post -1.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP John Harrobin sold 36,000 shares of Frontier Communications Parent stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $36.01, for a total transaction of $1,296,360.00. Following the completion of the transaction, the executive vice president now owns 76,523 shares in the company, valued at approximately $2,755,593.23. This trade represents a 31.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Frontier Communications Parent

A number of hedge funds and other institutional investors have recently bought and sold shares of FYBR. Victory Capital Management Inc. grew its holdings in Frontier Communications Parent by 4.2% during the third quarter. Victory Capital Management Inc. now owns 66,529 shares of the company’s stock worth $2,364,000 after purchasing an additional 2,669 shares during the period. CIBC Asset Management Inc bought a new stake in shares of Frontier Communications Parent during the third quarter worth approximately $255,000. Natixis Advisors LLC boosted its holdings in shares of Frontier Communications Parent by 10.4% during the third quarter. Natixis Advisors LLC now owns 18,851 shares of the company’s stock worth $670,000 after acquiring an additional 1,778 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Frontier Communications Parent by 21.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 18,971 shares of the company’s stock worth $674,000 after acquiring an additional 3,354 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Frontier Communications Parent by 5.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,310,952 shares of the company’s stock worth $82,108,000 after acquiring an additional 109,648 shares during the period.

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.