Formula One Group to Post FY2023 Earnings of $1.13 Per Share, Seaport Res Ptn Forecasts (NASDAQ:FWONK)

Formula One Group (NASDAQ:FWONK) – Seaport Res Ptn upped their FY2023 earnings per share (EPS) estimates for shares of Formula One Group in a report released on Monday, November 6th. Seaport Res Ptn analyst D. Joyce now anticipates that the company will post earnings per share of $1.13 for the year, up from their previous forecast of $0.62. The consensus estimate for Formula One Group’s current full-year earnings is $0.60 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q4 2023 earnings at $0.64 EPS.

A number of other research firms have also recently commented on FWONK. Morgan Stanley reissued an “overweight” rating and issued a $87.00 target price on shares of Formula One Group in a research note on Thursday, August 3rd. Wolfe Research upgraded Formula One Group from a “peer perform” rating to an “outperform” rating and set a $84.00 target price for the company in a research report on Tuesday, September 5th. Rosenblatt Securities increased their price target on shares of Formula One Group from $81.00 to $82.00 and gave the company a “buy” rating in a research report on Wednesday, September 6th. Pivotal Research boosted their price objective on shares of Formula One Group from $85.00 to $92.00 in a report on Monday, August 7th. Finally, StockNews.com assumed coverage on shares of Formula One Group in a report on Thursday, October 5th. They set a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $85.50.

Formula One Group Stock Performance

Shares of NASDAQ FWONK opened at $65.80 on Thursday. The stock’s 50-day simple moving average is $66.42 and its two-hundred day simple moving average is $70.37. Formula One Group has a twelve month low of $60.95 and a twelve month high of $78.58.

Institutional Trading of Formula One Group

Large investors have recently modified their holdings of the company. MetLife Investment Management LLC bought a new stake in Formula One Group during the first quarter valued at approximately $277,000. Brown Brothers Harriman & Co. grew its position in shares of Formula One Group by 20.0% during the 1st quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after acquiring an additional 696 shares during the period. Weiss Multi Strategy Advisers LLC bought a new stake in shares of Formula One Group during the 1st quarter valued at $1,455,000. Neuberger Berman Group LLC increased its stake in shares of Formula One Group by 643.6% in the 1st quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock worth $10,094,000 after purchasing an additional 124,798 shares in the last quarter. Finally, Natixis Advisors L.P. raised its holdings in Formula One Group by 31.4% in the 2nd quarter. Natixis Advisors L.P. now owns 25,151 shares of the company’s stock worth $1,596,000 after purchasing an additional 6,014 shares during the period. Institutional investors own 0.18% of the company’s stock.

Insider Buying and Selling

In other news, Chairman John C. Malone sold 41,154 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.02, for a total transaction of $2,881,603.08. Following the sale, the chairman now owns 2,729,835 shares in the company, valued at $191,143,046.70. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Formula One Group news, CEO Gregory B. Maffei sold 5,182 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $32.82, for a total value of $170,073.24. Following the completion of the transaction, the chief executive officer now owns 4,203,799 shares of the company’s stock, valued at approximately $137,968,683.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman John C. Malone sold 41,154 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $70.02, for a total transaction of $2,881,603.08. Following the sale, the chairman now directly owns 2,729,835 shares in the company, valued at approximately $191,143,046.70. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by company insiders.

About Formula One Group

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.