Formula One Group (NASDAQ:FWONK) Sets New 52-Week High – Here’s Why

Shares of Formula One Group (NASDAQ:FWONK) hit a new 52-week high during trading on Wednesday . The stock traded as high as $82.68 and last traded at $82.67, with a volume of 1403 shares changing hands. The stock had previously closed at $81.40.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FWONK. Morgan Stanley increased their target price on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a report on Wednesday, October 30th. Finally, UBS Group started coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price for the company.

Formula One Group Stock Down 2.8 %

The business’s 50-day moving average price is $78.14 and its 200 day moving average price is $75.50. The company has a market capitalization of $16.90 billion, a P/E ratio of 75.98 and a beta of 0.01.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.10 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 the consensus estimate of $960.45 million. Analysts anticipate that Formula One Group will post 1.01 EPS for the current fiscal year.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock worth $2,327,591 over the last three months.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds have recently bought and sold shares of FWONK. Beach Investment Counsel Inc. PA purchased a new stake in Formula One Group in the 2nd quarter worth approximately $48,000. Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares during the last quarter. Janney Montgomery Scott LLC boosted its position 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 valued at $1,378,000 after acquiring an additional 2,514 shares during the last quarter. Finally, Hahn Capital Management LLC boosted its position in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares during the last quarter. 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.