Rosenblatt Securities Issues Positive Forecast for Formula One Group (NASDAQ:FWONK) Stock Price

Formula One Group (NASDAQ:FWONK) had its price objective upped by Rosenblatt Securities from $93.00 to $102.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently issued reports on FWONK. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th. UBS Group began coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $98.00.

Formula One Group Price Performance

NASDAQ FWONK opened at $91.23 on Friday. Formula One Group has a fifty-two week low of $61.44 and a fifty-two week high of $96.89. The stock’s 50-day moving average is $89.38 and its two-hundred day moving average is $81.44. The firm has a market cap of $22.69 billion, a P/E ratio of 79.33 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. On average, equities analysts expect that Formula One Group will post 1.36 EPS for the current year.

Insider Activity at Formula One Group

In related news, CAO Brian J. Wendling sold 1,094 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Lountzis Asset Management LLC boosted its position 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 buying an additional 864 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares in the last quarter. Everence Capital Management Inc. bought a new stake in Formula One Group during the 4th quarter worth approximately $827,000. Janney Montgomery Scott LLC increased its holdings in Formula One Group by 16.9% during the 3rd 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 in the last quarter. Finally, Greenwood Gearhart Inc. raised its position in Formula One Group by 8.1% in the 3rd 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. 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.