Formula One Group (NASDAQ:FWONK) Hits New 12-Month High – Should You Buy?

Shares of Formula One Group (NASDAQ:FWONK) hit a new 52-week high on Thursday . The company traded as high as $94.95 and last traded at $94.76, with a volume of 1074112 shares changing hands. The stock had previously closed at $93.76.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FWONK shares. Rosenblatt Securities raised their target price on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley raised their price objective 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. Finally, UBS Group assumed coverage on Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $88.25.

Formula One Group Stock Performance

The company has a market cap of $21.14 billion, a price-to-earnings ratio of 82.69 and a beta of 0.18. The company has a fifty day moving average of $83.57 and a two-hundred day moving average of $78.54.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million. Equities analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares in the company, valued at $250,040.34. The trade was a 23.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,911 shares of company stock valued at $2,403,701. 4.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Hahn Capital Management LLC lifted its stake 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 valued at $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Greenwood Gearhart Inc. lifted its stake in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its stake in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Company Profile

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.