JPMorgan Chase & Co. Raises Formula One Group (NASDAQ:FWONK) Price Target to $108.00

Formula One Group (NASDAQ:FWONK) had its price target boosted by stock analysts at JPMorgan Chase & Co. from $105.00 to $108.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 11.10% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Susquehanna initiated coverage on shares of Formula One Group in a report on Monday, April 28th. They issued a “positive” rating and a $115.00 target price for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a report on Friday, March 7th. Wells Fargo & Company lowered their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Morgan Stanley lowered their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Seaport Res Ptn upgraded shares of 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 assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $98.57.

Formula One Group Price Performance

Shares of FWONK stock opened at $97.21 on Wednesday. The firm has a 50-day moving average of $88.08 and a 200-day moving average of $90.38. The company has a market cap of $24.25 billion, a P/E ratio of 84.53 and a beta of 0.33. Formula One Group has a one year low of $70.31 and a one year high of $102.33.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.23. The firm had revenue of $447.00 million during the quarter, compared to analysts’ expectations of $440.80 million. As a group, research analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Formula One Group news, Director Chase Carey sold 50,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $94.60, for a total transaction of $4,730,000.00. Following the completion of the transaction, the director now owns 93,102 shares in the company, valued at $8,807,449.20. This trade represents a 34.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GW&K Investment Management LLC bought a new position in shares of Formula One Group in the first quarter valued at approximately $25,000. Janney Montgomery Scott LLC boosted its position in shares of Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after acquiring an additional 287 shares during the period. HighPoint Advisor Group LLC boosted its position in shares of Formula One Group by 22.3% in the first quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company’s stock valued at $382,000 after acquiring an additional 779 shares during the period. Praxis Investment Management Inc. boosted its position in shares of Formula One Group by 10.7% in the first quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company’s stock valued at $888,000 after acquiring an additional 950 shares during the period. Finally, Versant Capital Management Inc boosted 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 acquiring an additional 2,013 shares during the period. Institutional investors own 92.26% of the company’s stock.

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.