Formula One Group (NASDAQ:FWONA) Receives Buy Rating from Benchmark

Benchmark restated their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a report issued on Thursday morning,Benzinga reports. The firm currently has a $102.00 target price on the stock.

Several other equities analysts have also recently issued reports on the company. Sanford C. Bernstein began coverage on Formula One Group in a research report on Wednesday, June 4th. They issued a “market perform” rating and a $105.00 price target on the stock. Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Saturday, March 15th. Susquehanna started coverage on Formula One Group in a report on Monday, April 28th. They issued a “positive” rating and a $115.00 price target for the company. Guggenheim reiterated a “buy” rating on shares of Formula One Group in a research report on Monday, March 3rd. Finally, Wells Fargo & Company initiated coverage on Formula One Group in a research report on Monday, February 24th. They issued an “underweight” rating and a $83.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Formula One Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.25.

Formula One Group Price Performance

Shares of NASDAQ:FWONA opened at $87.90 on Thursday. Formula One Group has a 1 year low of $63.01 and a 1 year high of $95.33. The firm has a market capitalization of $21.93 billion, a P/E ratio of 76.44 and a beta of 0.49. The business’s 50-day moving average is $82.94 and its 200 day moving average is $83.90.

Formula One Group (NASDAQ:FWONA) last posted its quarterly earnings data 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 analysts’ expectations of $440.80 million. On average, analysts expect that Formula One Group will post 1.46 EPS for the current year.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, Director Chase Carey sold 100,000 shares of the company’s 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 owns 93,102 shares in the company, valued at approximately $8,973,170.76. The trade was a 51.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.97% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

A number of large investors have recently modified their holdings of the business. Strs Ohio bought a new position in shares of Formula One Group during the first quarter worth approximately $2,232,000. Gabelli Funds LLC grew its holdings in shares of Formula One Group by 2.3% during the first quarter. Gabelli Funds LLC now owns 115,150 shares of the company’s stock valued at $9,381,000 after buying an additional 2,625 shares during the last quarter. Quantbot Technologies LP boosted its holdings in Formula One Group by 61.6% during 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. Russell Investments Group Ltd. boosted its stake in Formula One Group by 28.9% in the first quarter. Russell Investments Group Ltd. now owns 853 shares of the company’s stock valued at $69,000 after acquiring an additional 191 shares during the last quarter. Finally, S&CO Inc. raised its position in shares of Formula One Group by 1.0% in the first quarter. S&CO Inc. now owns 67,554 shares of the company’s stock valued at $5,503,000 after purchasing an additional 660 shares during the period. 8.38% of the stock is currently owned by institutional investors and hedge funds.

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.