Formula One Group (NASDAQ:FWONK) Now Covered by Analysts at Susquehanna

Susquehanna assumed coverage on shares of Formula One Group (NASDAQ:FWONK) in a report published on Monday,Benzinga reports. The firm issued a positive rating and a $115.00 price objective on the stock.

Several other research analysts also recently issued reports on the company. StockNews.com raised Formula One Group to a “sell” rating in a report on Tuesday, April 1st. Morgan Stanley reduced their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Wells Fargo & Company reduced their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. Finally, Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $98.14.

Formula One Group Price Performance

NASDAQ FWONK opened at $87.82 on Monday. The firm has a market cap of $21.89 billion, a PE ratio of 76.37 and a beta of 0.32. Formula One Group has a one year low of $68.43 and a one year high of $102.33. The stock’s 50 day simple moving average is $87.00 and its 200 day simple moving average is $88.73.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. As a group, equities analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio grew its position in shares of Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after purchasing an additional 4,897 shares during the period. California State Teachers Retirement System grew its position in shares of Formula One Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock valued at $32,518,000 after purchasing an additional 6,297 shares during the period. Greenwood Gearhart Inc. grew its position in shares of Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock valued at $16,764,000 after purchasing an additional 4,761 shares during the period. Hahn Capital Management LLC grew its position in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares during the period. Finally, Janney Montgomery Scott LLC grew its position in shares of Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after purchasing an additional 287 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

About Formula One Group

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.