Formula One Group (NASDAQ:FWONK) Reaches New 52-Week High – Time to Buy?

Shares of Formula One Group (NASDAQ:FWONK) reached a new 52-week high during trading on Thursday . The stock traded as high as $99.58 and last traded at $98.47, with a volume of 606040 shares changing hands. The stock had previously closed at $95.09.

Wall Street Analyst Weigh In

FWONK has been the topic of a number of recent analyst reports. Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Rosenblatt Securities lifted their price target on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, UBS Group started coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $98.00.

Formula One Group Price Performance

The company has a market capitalization of $24.88 billion, a PE ratio of 86.98 and a beta of 0.11. The stock’s 50 day simple moving average is $93.13 and its 200-day simple moving average is $83.92.

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

Insider Buying and Selling at Formula One Group

In related news, CAO Brian J. Wendling sold 1,094 shares of the company’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 Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The disclosure for this sale can be found here. 4.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Hahn Capital Management LLC boosted its holdings in shares of Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares during the period. Greenwood Gearhart Inc. boosted its stake in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares during the period. Everence Capital Management Inc. purchased a new position in Formula One Group during the 4th quarter worth $827,000. Janney Montgomery Scott LLC increased 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 period. Finally, Lountzis Asset Management LLC raised its holdings in shares of 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 during the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.