Formula One Group (NASDAQ:FWONK) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Formula One Group (NASDAQ:FWONKGet Rating) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Liberty Media Corporation owns interests in a broad range of media, communications and entertainment businesses through their operating subsidiaries and investments in various publicly-traded companies. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, as well as infotainment services on a subscription fee basis through its satellite radio systems; provides next-generation connected vehicle applications and services; streams music and non-music channels over the Internet; sells satellite and Internet radios to consumers through Website and retailers; and offers other ancillary services, such as weather, traffic, data, and Backseat television services. Liberty Media Corporation is headquartered in Englewood, Colorado. “

FWONK has been the topic of several other research reports. JPMorgan Chase & Co. raised their price target on Formula One Group from $65.00 to $77.00 in a research note on Thursday, April 21st. StockNews.com initiated coverage on Formula One Group in a research report on Thursday, March 31st. They set a hold rating on the stock. Rosenblatt Securities initiated coverage on Formula One Group in a research report on Monday, April 25th. They set a buy rating and a $81.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on Formula One Group from $55.00 to $58.00 and gave the company an equal weight rating in a research report on Wednesday, January 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $62.43.

Shares of Formula One Group stock opened at $63.04 on Wednesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.73 and a current ratio of 0.73. Formula One Group has a 12 month low of $42.84 and a 12 month high of $71.17. The stock’s fifty day moving average price is $64.17 and its 200-day moving average price is $61.57.

Formula One Group (NASDAQ:FWONKGet Rating) last announced its quarterly earnings results on Friday, February 25th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of $0.17 by ($0.81). The firm had revenue of $787.00 million for the quarter, compared to analysts’ expectations of $726.07 million. Formula One Group had a negative net margin of 8.90% and a negative return on equity of 1.01%. On average, equities research analysts forecast that Formula One Group will post 0.17 earnings per share for the current year.

In other Formula One Group news, major shareholder Gamco Investors, Inc. Et Al purchased 5,000 shares of the stock in a transaction on Wednesday, April 20th. The stock was acquired at an average price of $28.02 per share, with a total value of $140,100.00. Following the completion of the acquisition, the insider now owns 5,000 shares in the company, valued at $140,100. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders acquired 11,000 shares of company stock valued at $302,800.

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in Formula One Group by 5.8% during the fourth quarter. Geode Capital Management LLC now owns 2,766,232 shares of the company’s stock valued at $174,690,000 after acquiring an additional 151,376 shares in the last quarter. New York State Common Retirement Fund raised its position in Formula One Group by 141.8% during the fourth quarter. New York State Common Retirement Fund now owns 585,019 shares of the company’s stock valued at $36,997,000 after acquiring an additional 343,061 shares in the last quarter. California State Teachers Retirement System raised its position in Formula One Group by 1.8% during the fourth quarter. California State Teachers Retirement System now owns 261,818 shares of the company’s stock valued at $16,557,000 after acquiring an additional 4,562 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in Formula One Group by 5.5% during the fourth quarter. Parametric Portfolio Associates LLC now owns 260,869 shares of the company’s stock valued at $16,497,000 after acquiring an additional 13,528 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Formula One Group by 38.0% during the first quarter. First Trust Advisors LP now owns 86,656 shares of the company’s stock valued at $3,037,000 after acquiring an additional 23,853 shares in the last quarter. Hedge funds and other institutional investors own 89.48% of the company’s stock.

About Formula One Group (Get Rating)

Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the 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.

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