Formula One Group (NASDAQ:FWONK) Sets New 52-Week High – Should You Buy?

Formula One Group (NASDAQ:FWONK)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $86.67 and last traded at $86.44, with a volume of 266268 shares trading hands. The stock had previously closed at $84.17.

Analysts Set New Price Targets

FWONK has been the subject of several recent analyst reports. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Morgan Stanley raised their target price on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. UBS Group started coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price for the company. Finally, Rosenblatt Securities raised their target price on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $88.25.

Formula One Group Trading Up 1.3 %

The firm has a market cap of $19.72 billion, a PE ratio of 76.15 and a beta of 0.01. The company’s 50-day moving average is $79.94 and its 200 day moving average is $76.79.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. On average, research analysts predict that Formula One Group will post 1.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on 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 owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,911 shares of company stock worth $2,403,701 in the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Greenwood Gearhart Inc. increased its stake in shares of 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 last quarter. MetLife Investment Management LLC increased its stake in shares of Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the last quarter. Lountzis Asset Management LLC increased its stake in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Hahn Capital Management LLC increased its stake in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Institutional investors and hedge funds own 92.26% 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.