Formula One Group (NASDAQ:FWONK) Receives Buy Rating from Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Formula One Group (NASDAQ:FWONK) in a report issued on Wednesday morning,Benzinga reports. They currently have a $102.00 target price on the stock.

Several other equities analysts have also commented on the company. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Wells Fargo & Company upgraded shares of Formula One Group to a “strong sell” rating in a report on Friday, February 21st. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $98.00.

Formula One Group Stock Up 0.7 %

Shares of NASDAQ:FWONK opened at $94.94 on Wednesday. The business’s 50 day moving average is $94.76 and its 200 day moving average is $85.86. The stock has a market cap of $23.61 billion, a P/E ratio of 82.56 and a beta of 0.11. Formula One Group has a 52-week low of $64.37 and a 52-week high of $102.33.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through this hyperlink. 4.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

A number of institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio boosted its stake in Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after purchasing an additional 4,897 shares in the last quarter. Greenwood Gearhart Inc. raised its holdings in shares of Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after buying an additional 4,761 shares during the last quarter. Allstate Corp acquired a new stake in shares of Formula One Group during the fourth quarter worth $571,000. Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after buying an additional 21,699 shares during the period. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 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.