Analysts Set Formula One Group (NASDAQ:FWONA) Target Price at $90.50

Formula One Group (NASDAQ:FWONA) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $90.50.

FWONA has been the subject of several research analyst reports. Guggenheim restated a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd. Susquehanna initiated coverage on shares of Formula One Group in a research note on Monday, April 28th. They set a “positive” rating and a $115.00 price target for the company. Wells Fargo & Company initiated coverage on shares of Formula One Group in a research note on Monday, February 24th. They set an “underweight” rating and a $83.00 price target for the company. Finally, Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 15th.

Formula One Group Price Performance

Formula One Group stock opened at $89.22 on Friday. Formula One Group has a 52 week low of $63.01 and a 52 week high of $95.33. The company’s 50 day moving average price is $80.60 and its two-hundred day moving average price is $82.93. The stock has a market cap of $22.26 billion, a P/E ratio of 77.58 and a beta of 0.40.

Formula One Group (NASDAQ:FWONA) last posted its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.02 by $0.03. The firm had revenue of $400.00 million for the quarter, compared to the consensus estimate of $440.80 million. On average, equities analysts anticipate that Formula One Group will post 1.46 EPS for the current year.

Insider Activity

In other news, Director Chase Carey sold 100,000 shares of Formula One Group stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $96.38, for a total transaction of $9,638,000.00. Following the completion of the sale, the director now directly owns 93,102 shares of the company’s stock, valued at approximately $8,973,170.76. The trade was a 51.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.97% of the company’s stock.

Institutional Trading of Formula One Group

A number of hedge funds have recently made changes to their positions in FWONA. Russell Investments Group Ltd. lifted its stake in Formula One Group by 67.2% in the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock worth $56,000 after purchasing an additional 266 shares during the last quarter. Quantbot Technologies LP lifted its stake in Formula One Group by 61.6% in the first quarter. Quantbot Technologies LP now owns 2,404 shares of the company’s stock worth $196,000 after purchasing an additional 916 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Formula One Group by 74.0% in the first quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company’s stock worth $1,497,000 after purchasing an additional 7,811 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Formula One Group by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company’s stock worth $4,835,000 after purchasing an additional 1,300 shares during the last quarter. Finally, S&CO Inc. lifted its stake in Formula One Group by 1.0% in the first quarter. S&CO Inc. now owns 67,554 shares of the company’s stock worth $5,503,000 after purchasing an additional 660 shares during the last quarter. 8.38% of the stock is owned by institutional investors.

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.