Formula One Group (NASDAQ:FWONK) Given New $80.00 Price Target at Wells Fargo & Company

Formula One Group (NASDAQ:FWONK) had its price target cut by stock analysts at Wells Fargo & Company from $83.00 to $80.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 17.04% from the stock’s previous close.

Several other brokerages have also commented on FWONK. Morgan Stanley upgraded 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. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $93.40.

Formula One Group Stock Up 4.9 %

NASDAQ:FWONK opened at $96.43 on Friday. The company has a fifty day moving average of $94.80 and a 200 day moving average of $86.12. Formula One Group has a 52 week low of $64.37 and a 52 week high of $102.33. The firm has a market capitalization of $23.98 billion, a P/E ratio of 83.85 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. As a group, analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FWONK. Lountzis Asset Management LLC increased its stake in shares of Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares in the last quarter. MetLife Investment Management LLC grew its position in Formula One Group by 3.0% during the 3rd 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. Allstate Corp purchased a new stake in Formula One Group during the 4th quarter valued at about $571,000. Everence Capital Management Inc. purchased a new stake in Formula One Group during the 4th quarter valued at about $827,000. Finally, Janney Montgomery Scott LLC grew its position 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 during the last quarter. 92.26% of the stock is currently owned by institutional investors.

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.