Formula One Group (NASDAQ:FWONK) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Formula One Group (NASDAQ:FWONK) have earned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $98.00.

Several analysts have recently commented on the stock. 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 target on the stock. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. Rosenblatt Securities lifted their price objective on Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. 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.

Insider Activity

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lountzis Asset Management LLC increased its stake in shares of 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 period. MetLife Investment Management LLC increased its position in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares during the period. Everence Capital Management Inc. bought a new stake in shares of Formula One Group in the fourth quarter valued at about $827,000. Janney Montgomery Scott LLC boosted its position 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 acquiring an additional 3,958 shares during the period. 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 acquiring an additional 13,146 shares during the period. 92.26% of the stock is owned by institutional investors.

Formula One Group Trading Up 0.7 %

Shares of FWONK opened at $91.65 on Friday. The stock has a market cap of $22.79 billion, a PE ratio of 79.70 and a beta of 0.11. Formula One Group has a 1 year low of $64.37 and a 1 year high of $96.89. The stock has a 50 day simple moving average of $90.90 and a 200-day simple moving average of $82.56.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million. On average, sell-side analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

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.