Formula One Group (NASDAQ:FWONK) Upgraded by StockNews.com to “Sell” Rating

Formula One Group (NASDAQ:FWONK) was upgraded by investment analysts at StockNews.com to a “sell” rating in a research note issued to investors on Wednesday.

FWONK has been the subject of several other reports. UBS Group began coverage on Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Morgan Stanley raised their target price on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd.

Formula One Group Trading Down 0.3 %

NASDAQ:FWONK traded down $0.27 during trading hours on Wednesday, hitting $80.66. The company had a trading volume of 919,625 shares, compared to its average volume of 1,157,411. Formula One Group has a 1 year low of $61.23 and a 1 year high of $82.23. The company has a 50-day moving average of $77.67 and a 200 day moving average of $74.96. The company has a market cap of $18.96 billion, a P/E ratio of 58.88 and a beta of 0.04.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to analyst estimates of $960.45 million. On average, analysts forecast that Formula One Group will post 1.01 earnings per share for the current year.

Insiders Place Their Bets

In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction on Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares of the company’s stock, valued at $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,817 shares of company stock valued at $2,327,591. 4.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Formula One Group

A number of large investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC raised its stake in shares of Formula One Group by 13.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after buying an additional 2,514 shares in the last quarter. Beach Investment Counsel Inc. PA acquired a new position in Formula One Group during the second quarter worth $48,000. Finally, Hahn Capital Management LLC raised its position in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after acquiring an additional 17,219 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

About Formula One Group

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.