Frontdoor (NASDAQ:FTDR) Trading Up 14.2% After Better-Than-Expected Earnings

Frontdoor Inc. (NASDAQ:FTDR) shot up 14.2% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $63.66 and last traded at $64.2670. 59,422 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 496,704 shares. The stock had previously closed at $56.30.

The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.12. The company had revenue of $433.00 million during the quarter, compared to the consensus estimate of $421.62 million. Frontdoor had a net margin of 12.87% and a return on equity of 122.74%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTDR. Truist Financial set a $71.00 price target on Frontdoor in a report on Monday, January 26th. Weiss Ratings reissued a “hold (c+)” rating on shares of Frontdoor in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Frontdoor from a “buy” rating to a “hold” rating in a research note on Monday, November 24th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $59.75.

Institutional Trading of Frontdoor

A number of hedge funds have recently made changes to their positions in FTDR. Bessemer Group Inc. increased its stake in shares of Frontdoor by 322.1% in the second quarter. Bessemer Group Inc. now owns 515 shares of the company’s stock valued at $30,000 after buying an additional 393 shares during the period. Private Trust Co. NA increased its position in Frontdoor by 256.3% in the 4th quarter. Private Trust Co. NA now owns 563 shares of the company’s stock valued at $32,000 after acquiring an additional 405 shares during the period. Salomon & Ludwin LLC bought a new position in shares of Frontdoor during the third quarter valued at $35,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Frontdoor by 164.6% during the second quarter. EverSource Wealth Advisors LLC now owns 799 shares of the company’s stock worth $47,000 after purchasing an additional 497 shares during the period. Finally, Quarry LP lifted its holdings in shares of Frontdoor by 429.5% during the third quarter. Quarry LP now owns 879 shares of the company’s stock worth $59,000 after purchasing an additional 713 shares during the period.

Frontdoor Trading Up 14.6%

The company has a market cap of $4.65 billion, a P/E ratio of 18.28 and a beta of 1.34. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 3.64. The firm’s 50 day moving average is $58.09 and its two-hundred day moving average is $59.68.

About Frontdoor

Frontdoor, Inc (NASDAQ:FTDR) is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.