Formula One Group (NASDAQ:FWONK) Given Consensus Recommendation of “Hold” by Brokerages

Formula One Group (NASDAQ:FWONK – Get Rating) has earned a consensus rating of “Hold” from the seven research firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $60.33.

A number of research analysts recently weighed in on FWONK shares. StockNews.com started coverage on Formula One Group in a report on Thursday, March 31st. They set a “hold” rating on the stock. Rosenblatt Securities started coverage on Formula One Group in a report on Monday, April 25th. They set a “buy” rating and a $81.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Formula One Group from $65.00 to $77.00 in a report on Thursday, April 21st.

In other news, major shareholder Gamco Investors, Inc. Et Al bought 1,000 shares of the stock in a transaction on Thursday, May 5th. The shares were bought at an average price of $26.05 per share, with a total value of $26,050.00. Following the completion of the acquisition, the insider now owns 17,500 shares of the company’s stock, valued at $455,875. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired 12,000 shares of company stock worth $328,850 in the last three months.

Several large investors have recently modified their holdings of the company. Neuberger Berman Group LLC lifted its position in shares of Formula One Group by 643.6% in the first quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock valued at $10,094,000 after acquiring an additional 124,798 shares in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of Formula One Group in the first quarter valued at $1,455,000. Brown Brothers Harriman & Co. lifted its position in Formula One Group by 20.0% during the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock worth $292,000 after buying an additional 696 shares during the period. MetLife Investment Management LLC purchased a new position in Formula One Group during the first quarter worth about $277,000. Finally, Bank of New York Mellon Corp lifted its position in Formula One Group by 10.3% during the first quarter. Bank of New York Mellon Corp now owns 2,104,684 shares of the company’s stock worth $146,990,000 after buying an additional 196,954 shares during the period. Institutional investors and hedge funds own 89.48% of the company’s stock.

FWONK stock traded down $2.25 on Friday, reaching $59.72. 907,989 shares of the company’s stock were exchanged, compared to its average volume of 1,295,669. The stock has a fifty day moving average of $63.82 and a 200-day moving average of $62.29. Formula One Group has a twelve month low of $44.12 and a twelve month high of $71.17. The firm has a market cap of $13.80 billion, a PE ratio of -77.56 and a beta of 1.23. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.92.

Formula One Group Company Profile (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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