Morgan Stanley Issues Pessimistic Forecast for Formula One Group (NASDAQ:FWONK) Stock Price

Formula One Group (NASDAQ:FWONK) had its price target dropped by stock analysts at Morgan Stanley from $115.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 15.90% from the stock’s previous close.

FWONK has been the topic of a number of other research reports. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Wells Fargo & Company dropped their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Finally, Rosenblatt Securities restated a “buy” rating and set a $102.00 price target on shares of Formula One Group in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Formula One Group presently has an average rating of “Hold” and a consensus target price of $93.40.

Formula One Group Stock Up 3.3 %

Shares of NASDAQ:FWONK traded up $2.99 during trading on Friday, reaching $94.91. 851,055 shares of the company traded hands, compared to its average volume of 1,201,304. The firm has a fifty day simple moving average of $94.76 and a 200 day simple moving average of $85.97. Formula One Group has a 1-year low of $64.37 and a 1-year high of $102.33. The firm has a market cap of $23.60 billion, a P/E ratio of 82.21 and a beta of 0.11.

Insider Buying and Selling at Formula One Group

In other Formula One Group 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 sale, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Lountzis Asset Management LLC grew its stake in shares of Formula One Group by 17.0% in 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 during the last quarter. MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares during the period. Allstate Corp acquired a new stake in Formula One Group in the 4th quarter worth $571,000. Everence Capital Management Inc. bought a new position in shares of Formula One Group during the 4th quarter worth about $827,000. Finally, Janney Montgomery Scott LLC increased its holdings 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 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.