Formula One Group (NASDAQ:FWONK) Shares Gap Down to $65.69

Shares of Formula One Group (NASDAQ:FWONK) gapped down before the market opened on Friday . The stock had previously closed at $65.69, but opened at $63.72. Formula One Group shares last traded at $64.88, with a volume of 44,024 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FWONK shares. Morgan Stanley reissued an “overweight” rating and set a $87.00 target price on shares of Formula One Group in a research note on Thursday, August 3rd. Wolfe Research upgraded shares of Formula One Group from a “peer perform” rating to an “outperform” rating and set a $84.00 price target on the stock in a research note on Tuesday, September 5th. StockNews.com started coverage on shares of Formula One Group in a research note on Thursday, October 5th. They set a “sell” rating on the stock. Pivotal Research boosted their price target on shares of Formula One Group from $85.00 to $92.00 in a research note on Monday, August 7th. Finally, Rosenblatt Securities boosted their price target on shares of Formula One Group from $81.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, September 6th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $85.50.

Formula One Group Trading Down 0.7 %

The stock has a 50-day moving average price of $66.57 and a 200 day moving average price of $70.58.

Insider Activity at Formula One Group

In related news, Chairman John C. Malone purchased 140,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were purchased at an average price of $35.70 per share, for a total transaction of $4,998,000.00. Following the transaction, the chairman now directly owns 3,658,473 shares of the company’s stock, valued at approximately $130,607,486.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Formula One Group news, Chairman John C. Malone sold 120,900 shares of Formula One Group stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $70.89, for a total value of $8,570,601.00. Following the sale, the chairman now owns 3,010,381 shares of the company’s stock, valued at approximately $213,405,909.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman John C. Malone acquired 140,000 shares of the stock in a transaction on Monday, August 7th. The stock was acquired at an average cost of $35.70 per share, for a total transaction of $4,998,000.00. Following the acquisition, the chairman now directly owns 3,658,473 shares in the company, valued at approximately $130,607,486.10. The disclosure for this purchase can be found here. Insiders have sold 287,867 shares of company stock worth $20,102,637 in the last quarter. Company insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

A number of large investors have recently added to or reduced their stakes in FWONK. James Investment Research Inc. acquired a new position in Formula One Group during the first quarter worth about $30,000. Covestor Ltd raised its position in Formula One Group by 299.4% during the second quarter. Covestor Ltd now owns 691 shares of the company’s stock worth $52,000 after acquiring an additional 518 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Formula One Group by 3.9% during the second quarter. Janney Montgomery Scott LLC now owns 17,121 shares of the company’s stock worth $1,289,000 after acquiring an additional 650 shares during the last quarter. Brown Brothers Harriman & Co. raised 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 acquiring an additional 696 shares during the last quarter. Finally, Greenwood Gearhart Inc. raised its position in Formula One Group by 0.6% during the first quarter. Greenwood Gearhart Inc. now owns 156,586 shares of the company’s stock worth $11,717,000 after acquiring an additional 899 shares during the last quarter. 0.18% of the stock is owned by institutional investors and hedge funds.

Formula One Group Company Profile

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.