Formula One Group (NASDAQ:FWONA) Hits New 1-Year High – Still a Buy?

Formula One Group (NASDAQ:FWONA) shares reached a new 52-week high on Tuesday . The company traded as high as $75.50 and last traded at $75.34, with a volume of 7560 shares trading hands. The stock had previously closed at $74.45.

Wall Street Analyst Weigh In

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

Formula One Group Price Performance

The firm’s 50-day moving average price is $71.35 and its 200-day moving average price is $68.10. The stock has a market cap of $17.68 billion, a P/E ratio of 54.34 and a beta of 0.09.

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

Insider Transactions at Formula One Group

In other news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares of the company’s stock, valued at $250,040.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,817 shares of company stock worth $2,327,591 in the last three months. Insiders own 4.83% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

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

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.