Formula One Group (NASDAQ:FWONK) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Formula One Group (NASDAQ:FWONK) have been assigned an average rating of “Moderate Buy” from the five brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $95.75.

FWONK has been the subject of a number of analyst reports. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities increased their price target 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. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Finally, UBS Group assumed coverage on shares of Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently modified their holdings of FWONK. Everence Capital Management Inc. purchased a new position in Formula One Group during the fourth quarter worth approximately $827,000. Greenwood Gearhart Inc. increased its stake 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. MetLife Investment Management LLC raised its holdings 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 acquiring an additional 203 shares during the period. Lountzis Asset Management LLC boosted its position 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 valued at $461,000 after acquiring an additional 864 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the period. 92.26% of the stock is owned by hedge funds and other institutional investors.

Formula One Group Price Performance

NASDAQ FWONK opened at $92.08 on Monday. Formula One Group has a 1 year low of $61.44 and a 1 year high of $96.89. The company has a market capitalization of $22.90 billion, a PE ratio of 80.07 and a beta of 0.11. The company has a fifty day moving average of $88.17 and a 200 day moving average of $80.79.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data 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 company had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. Research analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

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.