Formula One Group (NASDAQ:FWONK) Given New $82.00 Price Target at Guggenheim

Formula One Group (NASDAQ:FWONK – Get Rating) had its price target boosted by Guggenheim from $75.00 to $82.00 in a research report sent to investors on Tuesday, The Fly reports.

A number of other equities research analysts have also recently weighed in on the company. Pivotal Research upped their price target on Formula One Group from $82.00 to $85.00 and gave the stock a buy rating in a report on Monday, April 17th. Rosenblatt Securities upped their target price on Formula One Group from $81.00 to $84.00 and gave the company a buy rating in a research note on Friday, April 14th. Wolfe Research assumed coverage on Formula One Group in a research note on Friday, February 24th. They issued a peer perform rating on the stock. Seaport Res Ptn reaffirmed a buy rating on shares of Formula One Group in a research note on Sunday, April 23rd. Finally, StockNews.com lowered Formula One Group from a hold rating to a sell rating in a research note on Tuesday, April 25th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $77.50.

Formula One Group Stock Performance

NASDAQ FWONK opened at $72.00 on Tuesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.78. The business’s 50 day moving average is $72.54 and its two-hundred day moving average is $66.47. Formula One Group has a 12-month low of $50.00 and a 12-month high of $76.15. The stock has a market capitalization of $16.84 billion, a price-to-earnings ratio of 34.95 and a beta of 1.08.

Insider Transactions at Formula One Group

In other news, Chairman John C. Malone sold 285,320 shares of Formula One Group stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $74.95, for a total transaction of $21,384,734.00. Following the sale, the chairman now directly owns 3,670,061 shares of the company’s stock, valued at $275,071,071.95. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Chairman John C. Malone sold 285,320 shares of Formula One Group stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $74.95, for a total value of $21,384,734.00. Following the completion of the transaction, the chairman now directly owns 3,670,061 shares in the company, valued at $275,071,071.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John C. Malone sold 119,680 shares of Formula One Group stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $74.59, for a total value of $8,926,931.20. Following the completion of the transaction, the chairman now owns 3,550,381 shares of the company’s stock, valued at $264,822,918.79. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 51,200 shares of company stock valued at $1,376,825 and have sold 432,401 shares valued at $32,257,898. Corporate insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently bought and sold shares of FWONK. James Investment Research Inc. acquired a new position in Formula One Group in the first quarter valued at approximately $30,000. Bessemer Group Inc. boosted its position in shares of Formula One Group by 2,600.0% during the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock worth $105,000 after buying an additional 1,690 shares during the period. US Bancorp DE raised its holdings in Formula One Group by 74.4% during the third quarter. US Bancorp DE now owns 2,527 shares of the company’s stock worth $147,000 after purchasing an additional 1,078 shares in the last quarter. MetLife Investment Management LLC bought a new stake in Formula One Group during the first quarter worth approximately $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 valued at $292,000 after buying an additional 696 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.