Formula One Group (NASDAQ:FWONK) Hits New 12-Month High Following Analyst Upgrade

Formula One Group (NASDAQ:FWONK – Get Rating) shares hit a new 52-week high during trading on Friday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $75.47 and last traded at $74.94, with a volume of 406228 shares. The stock had previously closed at $73.16.

Other analysts have also issued reports about the company. Morgan Stanley boosted their price objective on Formula One Group from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday. Wolfe Research assumed coverage on Formula One Group in a report on Friday, February 24th. They set a “peer perform” rating for the company. Pivotal Research boosted their target price on Formula One Group from $70.00 to $82.00 in a research note on Thursday. Finally, Rosenblatt Securities cut their target price on Formula One Group from $76.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, November 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Formula One Group has a consensus rating of “Hold” and a consensus target price of $72.60.

Insider Activity at Formula One Group

In other news, major shareholder Gamco Investors, Inc. Et Al acquired 7,200 shares of the company’s stock in a transaction that occurred on Wednesday, December 28th. The shares were acquired at an average price of $32.58 per share, for a total transaction of $234,576.00. Following the completion of the purchase, the insider now owns 20,000 shares in the company, valued at $651,600. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Formula One Group news, CAO Brian J. Wendling sold 1,370 shares of the stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $35.00, for a total transaction of $47,950.00. Following the sale, the chief accounting officer now owns 14,871 shares in the company, valued at $520,485. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Gamco Investors, Inc. Et Al bought 7,200 shares of the company’s stock in a transaction on Wednesday, December 28th. The shares were bought at an average price of $32.58 per share, for a total transaction of $234,576.00. Following the transaction, the insider now owns 20,000 shares of the company’s stock, valued at $651,600. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 8,200 shares of company stock worth $267,200. Insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently made changes to their positions in the stock. James Investment Research Inc. lifted its position in shares of Formula One Group by 64.4% during the third quarter. James Investment Research Inc. now owns 886 shares of the company’s stock worth $52,000 after acquiring an additional 347 shares in the last quarter. US Bancorp DE increased its holdings in shares of Formula One Group by 421.2% in the second quarter. US Bancorp DE now owns 1,449 shares of the company’s stock worth $92,000 after purchasing an additional 1,171 shares during the period. Bessemer Group Inc. increased its holdings in shares of Formula One Group by 2,600.0% in the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock worth $105,000 after purchasing an additional 1,690 shares during the period. MetLife Investment Management LLC bought a new position in shares of Formula One Group in the first quarter worth $277,000. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Formula One Group by 20.0% in the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock worth $292,000 after purchasing an additional 696 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Formula One Group Trading Up 2.7 %

The stock has a market cap of $17.56 billion, a P/E ratio of -577.85 and a beta of 1.09. The firm’s fifty day moving average price is $67.74 and its two-hundred day moving average price is $63.32. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.95 and a quick ratio of 0.95.

About Formula One Group

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Liberty Media Corp. engages in the operation of media, communications, and entertainment businesses. It operates through the following segments: Sirius XM Holdings, Formula 1. The Sirius XM Holdings segment refers to the complementary audio entertainment businesses, Sirius XM and Pandora. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic, weather channels, and infotainment services.