Formula One Group (NASDAQ:FWONK) Rating Increased to Overweight at Morgan Stanley

Formula One Group (NASDAQ:FWONK) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $115.00 target price on the stock, up from their prior target price of $95.00. Morgan Stanley’s target price points to a potential upside of 21.50% from the company’s current price.

Other research analysts also recently issued reports about the company. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities upped 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. UBS Group assumed coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $95.75.

Formula One Group Stock Up 2.2 %

FWONK opened at $94.65 on Wednesday. The company has a market cap of $21.04 billion, a PE ratio of 82.31 and a beta of 0.18. Formula One Group has a twelve month low of $61.44 and a twelve month high of $96.89. The company has a 50-day moving average price of $85.05 and a 200 day moving average price of $79.13.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. As a group, sell-side analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Gregory B. Maffei sold 35,463 shares of the business’s 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 sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, the director now directly owns 5,274 shares in the company, valued at $250,040.34. The trade was a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,161 shares of company stock valued at $2,688,824 in the last three months. 4.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Formula One Group

A number of institutional investors have recently made changes to their positions in FWONK. Greenwood Gearhart Inc. lifted its holdings in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares during the last quarter. Hahn Capital Management LLC raised its position in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares during the period. Janney Montgomery Scott LLC lifted its stake in Formula One Group by 16.9% during the third 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 in the last quarter. MetLife Investment Management LLC lifted its stake in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares in the last quarter. Finally, Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after buying an additional 864 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.