Formula One Group (NASDAQ:FWONK) Given Average Rating of “Moderate Buy” by Brokerages

Formula One Group (NASDAQ:FWONK) has earned a consensus recommendation of “Moderate Buy” from the five analysts that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $95.75.

FWONK has been the topic of several recent analyst reports. Rosenblatt Securities raised their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, November 8th. UBS Group assumed coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock. Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $95.00 to $115.00 in a research note on Wednesday, December 18th. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th.

Insider Transactions at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the transaction, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. Company insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Large investors have recently modified their holdings of the business. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares during the period. MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the period. Hahn Capital Management LLC raised its stake in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the last quarter. Finally, Greenwood Gearhart Inc. lifted its holdings in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the period. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Price Performance

FWONK stock opened at $93.92 on Monday. The stock has a market capitalization of $23.36 billion, a P/E ratio of 81.67 and a beta of 0.18. Formula One Group has a 1-year low of $61.44 and a 1-year high of $96.89. The business has a fifty day moving average price of $86.85 and a 200-day moving average price of $80.14.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. As a group, analysts anticipate that Formula One Group will post 1.36 earnings per share for the current year.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One 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.