Brokerages Set Formula One Group (NASDAQ:FWONK) Price Target at $88.25

Shares of Formula One Group (NASDAQ:FWONK) have been given a consensus rating of “Hold” by the five brokerages that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $88.25.

A number of research analysts have recently commented on FWONK shares. Rosenblatt Securities lifted their price objective 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. Morgan Stanley boosted their price target on Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. UBS Group started coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th.

Formula One Group Stock Performance

NASDAQ FWONK opened at $93.89 on Thursday. Formula One Group has a 52 week low of $61.44 and a 52 week high of $94.38. The stock’s 50 day moving average price is $81.94 and its two-hundred day moving average price is $77.83. The stock has a market capitalization of $20.87 billion, a price-to-earnings ratio of 81.64 and a beta of 0.18.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The business had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. On average, equities research analysts forecast that Formula One Group will post 1.38 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares in the company, valued at $250,040.34. This trade represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,911 shares of company stock worth $2,403,701 over the last ninety days. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Several hedge funds have recently modified their holdings of the company. Greenwood Gearhart Inc. boosted its position in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after buying an additional 13,146 shares during the period. Hahn Capital Management LLC lifted its holdings in shares of 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 period. Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 16.9% in 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. MetLife Investment Management LLC grew its stake in shares of Formula One Group by 3.0% in 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, Lountzis Asset Management LLC increased its holdings in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares during the period. Institutional investors and hedge funds own 92.26% of the company’s stock.

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.