Formula One Group (NASDAQ:FWONA) Sees Large Decrease in Short Interest

Formula One Group (NASDAQ:FWONA) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totalling 383,100 shares, a drop of 8.5% from the September 15th total of 418,700 shares. Based on an average daily trading volume, of 114,800 shares, the days-to-cover ratio is presently 3.3 days. Currently, 1.7% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Separately, Benchmark lifted their price objective on shares of Formula One Group from $77.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, August 9th.

Formula One Group Stock Up 0.2 %

Shares of NASDAQ FWONA traded up $0.17 during mid-day trading on Thursday, reaching $74.26. 74,904 shares of the company were exchanged, compared to its average volume of 101,779. Formula One Group has a 52 week low of $55.25 and a 52 week high of $75.50. The stock has a market capitalization of $17.45 billion, a PE ratio of 54.01 and a beta of 0.09. The company’s 50 day moving average price is $70.64 and its 200 day moving average price is $67.29.

Formula One Group (NASDAQ:FWONA) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.24). The business had revenue of $853.00 million for the quarter, compared to analyst estimates of $1.04 billion. On average, sell-side analysts predict that Formula One Group will post 1.23 earnings per share for the current year.

Insiders Place Their Bets

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. Insiders have sold a total of 30,817 shares of company stock valued at $2,327,591 in the last 90 days. 4.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Janney Montgomery Scott LLC increased its stake in Formula One Group (NASDAQ:FWONA) by 13.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,413 shares of the company’s stock after buying an additional 1,600 shares during the period. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $788,000 at the end of the most recent reporting period. Institutional investors own 8.38% 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.