Formula One Group (NASDAQ:FWONK) Cut to “Sell” at StockNews.com

Formula One Group (NASDAQ:FWONKGet Rating) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Wednesday.

Several other brokerages also recently commented on FWONK. Morgan Stanley upped their target price on shares of Formula One Group from $72.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, August 9th. Pivotal Research upped their target price on shares of Formula One Group from $75.00 to $77.00 in a research note on Monday, August 8th. Finally, Barclays upped their target price on shares of Formula One Group from $50.00 to $56.00 and gave the company an “underweight” rating in a research note on Monday, August 8th. Two analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.20.

Formula One Group Trading Down 2.8 %

Shares of NASDAQ FWONK opened at $61.64 on Wednesday. The company’s 50 day simple moving average is $65.27 and its 200 day simple moving average is $63.69. Formula One Group has a fifty-two week low of $49.01 and a fifty-two week high of $71.17. The firm has a market capitalization of $14.35 billion, a P/E ratio of -93.39 and a beta of 1.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.88 and a quick ratio of 0.88.

Formula One Group (NASDAQ:FWONKGet Rating) last announced its quarterly earnings data on Friday, August 5th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.20. Formula One Group had a negative net margin of 4.81% and a negative return on equity of 0.67%. The business had revenue of $744.00 million for the quarter, compared to analyst estimates of $685.34 million. On average, analysts predict that Formula One Group will post 0.38 EPS for the current year.

Insider Transactions at Formula One Group

In related news, major shareholder Gamco Investors, Inc. Et Al acquired 1,000 shares of the stock in a transaction dated Tuesday, August 23rd. The stock was bought at an average price of $28.94 per share, with a total value of $28,940.00. Following the completion of the transaction, the insider now directly owns 1,000 shares of the company’s stock, valued at $28,940. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 4,600 shares of company stock valued at $123,976 over the last quarter.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its holdings 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 worth $174,690,000 after purchasing an additional 151,376 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Formula One Group by 10.3% in the first quarter. Bank of New York Mellon Corp now owns 2,104,684 shares of the company’s stock valued at $146,990,000 after acquiring an additional 196,954 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Formula One Group by 22.0% in the first quarter. New York State Common Retirement Fund now owns 713,889 shares of the company’s stock valued at $49,858,000 after acquiring an additional 128,870 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in Formula One Group by 0.4% in the second quarter. UBS Asset Management Americas Inc. now owns 550,676 shares of the company’s stock valued at $34,951,000 after acquiring an additional 2,117 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Formula One Group by 4.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 541,284 shares of the company’s stock valued at $34,355,000 after acquiring an additional 22,241 shares during the last quarter. Institutional investors and hedge funds own 90.36% of the company’s stock.

Formula One Group Company Profile

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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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