Formula One Group (NASDAQ:FWONK) Short Interest Down 5.8% in November

Formula One Group (NASDAQ:FWONK) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 4,060,000 shares, a decrease of 5.8% from the October 31st total of 4,310,000 shares. Based on an average daily volume of 1,040,000 shares, the short-interest ratio is presently 3.9 days.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Rosenblatt Securities boosted their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Morgan Stanley boosted their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. 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 price objective for the company. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. One research 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, Formula One Group has an average rating of “Hold” and an average target price of $88.25.

Insider Transactions at Formula One Group

In related news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. Insiders sold a total of 31,911 shares of company stock valued at $2,403,701 over the last three months. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently modified their holdings of the business. Hahn Capital Management LLC increased its position 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 worth $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC increased its position in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the last quarter. MetLife Investment Management LLC increased its position in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the last quarter. Finally, Greenwood Gearhart Inc. increased its position in Formula One Group by 8.1% during the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Formula One Group Stock Up 0.7 %

FWONK opened at $89.02 on Tuesday. The company has a market cap of $19.79 billion, a price-to-earnings ratio of 77.41 and a beta of 0.01. Formula One Group has a 52-week low of $61.23 and a 52-week high of $89.77. The firm’s fifty day simple moving average is $80.81 and its two-hundred day simple moving average is $77.32.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. On average, research analysts forecast that Formula One Group will post 1.29 EPS for the current year.

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.