Formula One Group (NASDAQ:FWONK) Price Target Raised to $102.00

Formula One Group (NASDAQ:FWONK) had its price target boosted by Rosenblatt Securities from $93.00 to $102.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

FWONK has been the subject of several other reports. UBS Group initiated coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price for the company. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. Finally, Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $98.00.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK opened at $91.23 on Friday. The company has a fifty day moving average of $89.38 and a 200-day moving average of $81.56. Formula One Group has a 52-week low of $61.44 and a 52-week high of $96.89. The company has a market capitalization of $22.69 billion, a PE ratio of 79.33 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last released its 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 analyst estimates of $837.59 million. On average, equities analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. Company insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds have recently modified their holdings of FWONK. Everence Capital Management Inc. purchased a new stake in Formula One Group in the 4th quarter worth $827,000. Greenwood Gearhart Inc. raised 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 worth $13,640,000 after acquiring an additional 13,146 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after acquiring an additional 203 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings 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 valued at $2,117,000 after purchasing an additional 3,958 shares in the last quarter. Finally, Lountzis Asset Management LLC increased its position 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 worth $461,000 after purchasing an additional 864 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

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.