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

Formula One Group (NASDAQ:FWONK) has been given a consensus recommendation of “Moderate Buy” by the eight analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $98.14.

FWONK has been the topic of a number of research analyst reports. Susquehanna began coverage on shares of Formula One Group in a report on Monday, April 28th. They set a “positive” rating and a $115.00 price objective on the stock. Wells Fargo & Company dropped their price target on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research report on Friday, March 7th. Finally, Morgan Stanley reduced their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FWONK. Praxis Investment Management Inc. raised its stake in shares of Formula One Group by 10.7% during the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company’s stock worth $888,000 after buying an additional 950 shares during the period. Versant Capital Management Inc grew its position in shares of Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after purchasing an additional 2,013 shares during the period. California State Teachers Retirement System increased its stake in shares of Formula One Group by 1.8% during the fourth quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock worth $32,518,000 after purchasing an additional 6,297 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Formula One Group by 1.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after purchasing an additional 4,897 shares during the last quarter. Finally, Greenwood Gearhart Inc. lifted its stake in 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 buying an additional 4,761 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company’s stock.

Formula One Group Trading Up 1.6 %

Shares of FWONK opened at $91.40 on Friday. The firm has a market cap of $22.78 billion, a PE ratio of 79.48 and a beta of 0.33. Formula One Group has a 12 month low of $68.43 and a 12 month high of $102.33. The stock has a fifty day moving average price of $86.47 and a 200-day moving average price of $88.95.

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 business had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $1.37 billion. As a group, research analysts forecast that Formula One Group will post 1.36 EPS 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.