Formula One Group (NASDAQ:FWONK) Given Consensus Rating of “Moderate Buy” by Analysts

Formula One Group (NASDAQ:FWONK) has received an average rating of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $95.33.

A number of brokerages have weighed in on FWONK. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday. Morgan Stanley decreased their target price on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company decreased their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. upped their target price on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, March 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th.

Formula One Group Stock Performance

NASDAQ:FWONK opened at $88.28 on Friday. The firm has a market cap of $22.00 billion, a price-to-earnings ratio of 76.77 and a beta of 0.13. The business’s fifty day moving average is $93.45 and its 200 day moving average is $87.14. Formula One Group has a 52-week low of $64.37 and a 52-week high of $102.33.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. Equities analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently bought and sold shares of the stock. Everence Capital Management Inc. purchased a new stake in Formula One Group during the 4th quarter valued at about $827,000. Hahn Capital Management LLC boosted its holdings in Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares during the period. Greenwood Gearhart Inc. boosted its holdings in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after acquiring an additional 13,146 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after acquiring an additional 287 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after acquiring an additional 203 shares during the period. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.