Formula One Group (NASDAQ:FWONA) Issues Earnings Results

Formula One Group (NASDAQ:FWONA) posted its earnings results on Thursday. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($1.46), Zacks reports. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.37 billion.

Formula One Group Stock Up 4.6 %

Shares of NASDAQ FWONA traded up $3.83 during mid-day trading on Friday, hitting $87.84. 156,483 shares of the company were exchanged, compared to its average volume of 105,938. Formula One Group has a 1-year low of $57.43 and a 1-year high of $95.33. The stock has a 50 day simple moving average of $86.95 and a 200-day simple moving average of $78.82. The firm has a market cap of $21.85 billion, a price-to-earnings ratio of 76.07 and a beta of 0.14.

Analyst Upgrades and Downgrades

FWONA has been the subject of several recent analyst reports. Benchmark reissued a “buy” rating and issued a $81.00 price target on shares of Formula One Group in a report on Thursday, November 14th. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company began coverage on Formula One Group in a report on Monday. They set an “underweight” rating and a $83.00 price target for the company.

Insider Activity at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 4.83% 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.