Formula One Group (NASDAQ:FWONK) Sees Significant Increase in Short Interest

Formula One Group (NASDAQ:FWONK) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 4,810,000 shares, an increase of 10.3% from the August 15th total of 4,360,000 shares. Based on an average daily trading volume, of 1,280,000 shares, the days-to-cover ratio is currently 3.8 days.

Analysts Set New Price Targets

FWONK has been the subject of several recent analyst reports. StockNews.com raised shares of Formula One Group to a “sell” rating in a research note on Saturday, August 24th. Evercore ISI increased their price objective on Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, June 4th. Finally, Morgan Stanley cut their price objective on Formula One Group from $83.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th.

Formula One Group Stock Performance

Shares of FWONK traded down $0.82 during trading hours on Wednesday, hitting $77.39. The company had a trading volume of 947,900 shares, compared to its average volume of 1,194,957. Formula One Group has a 52-week low of $60.95 and a 52-week high of $82.23. The firm has a fifty day moving average price of $77.44 and a 200-day moving average price of $72.91. The stock has a market capitalization of $18.19 billion and a price-to-earnings ratio of 57.09.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $960.45 million. Research analysts anticipate that Formula One Group will post 0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Several institutional investors have recently modified their holdings of the business. Hahn Capital Management LLC lifted its stake in Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Formula One Group during the fourth quarter valued at approximately $1,167,000. Finally, Beach Investment Counsel Inc. PA bought a new position in Formula One Group during the second quarter valued at approximately $48,000. 92.26% of the stock is owned by hedge funds and other 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.