StockNews.com Downgrades Formula One Group (NASDAQ:FWONK) to Sell

Formula One Group (NASDAQ:FWONK) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Monday.

Several other brokerages have also commented on FWONK. Morgan Stanley raised their price objective on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. Rosenblatt Securities lifted their price target on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, UBS Group assumed coverage on shares of Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.25.

Formula One Group Stock Performance

Shares of FWONK stock opened at $81.24 on Monday. The company has a market capitalization of $18.06 billion, a P/E ratio of 69.75 and a beta of 0.01. Formula One Group has a fifty-two week low of $61.23 and a fifty-two week high of $86.65. The stock has a 50 day moving average price of $78.89 and a two-hundred day moving average price of $76.20.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. As a group, equities analysts predict that Formula One Group will post 1.24 earnings per share for the current year.

Insider Activity

In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 23.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock valued at $2,327,591 in the last 90 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FWONK. Greenwood Gearhart Inc. boosted its holdings in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares during the last quarter. Hahn Capital Management LLC boosted its stake in Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after buying an additional 3,958 shares in the last quarter. MetLife Investment Management LLC increased its stake in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the last quarter. Finally, Lountzis Asset Management LLC raised its holdings in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors.

About Formula One Group

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.