Formula One Group (NASDAQ:FWONK) CEO Gregory B. Maffei Sells 35,463 Shares

Formula One Group (NASDAQ:FWONK) CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Formula One Group Stock Down 0.4 %

Shares of FWONK opened at $94.23 on Friday. Formula One Group has a twelve month low of $61.44 and a twelve month high of $96.89. The stock has a market capitalization of $20.95 billion, a P/E ratio of 81.94 and a beta of 0.18. The company has a 50 day moving average of $85.36 and a 200-day moving average of $79.26.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. On average, sell-side analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Several hedge funds have recently modified their holdings of FWONK. Lountzis Asset Management LLC raised its holdings in 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 acquiring an additional 864 shares in the last quarter. MetLife Investment Management LLC raised 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 in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after buying an additional 3,958 shares during the last quarter. Hahn Capital Management LLC boosted its holdings in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the last quarter. Finally, Greenwood Gearhart Inc. increased its holdings in Formula One Group by 8.1% during the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after buying an additional 13,146 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on FWONK shares. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. UBS Group initiated coverage on Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective on the stock. Rosenblatt Securities increased their target price on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Finally, Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $95.00 to $115.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Formula One Group currently has an average rating of “Hold” and a consensus price target of $95.75.

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.