Formula One Group’s (FWONK) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Formula One Group (NASDAQ:FWONK) in a research note released on Friday,Benzinga reports. Rosenblatt Securities currently has a $102.00 price target on the stock.

Several other research firms have also issued reports on FWONK. Morgan Stanley lowered their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company reduced their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. boosted their price objective on shares of Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Formula One Group currently has an average rating of “Hold” and a consensus target price of $95.33.

Formula One Group Stock Performance

Shares of FWONK stock opened at $89.26 on Friday. The firm has a market cap of $22.25 billion, a price-to-earnings ratio of 77.62 and a beta of 0.13. Formula One Group has a 52 week low of $64.37 and a 52 week high of $102.33. The firm’s 50-day simple moving average is $94.53 and its two-hundred day simple moving average is $86.73.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to analyst estimates of $1.37 billion. Analysts forecast that Formula One Group will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lountzis Asset Management LLC raised its holdings in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during the last quarter. Allstate Corp bought a new stake in Formula One Group during the 4th quarter valued at $571,000. MetLife Investment Management LLC raised its holdings 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 valued at $538,000 after buying an additional 203 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Formula One Group during the 4th quarter valued at $827,000. Finally, Janney Montgomery Scott LLC raised its holdings in Formula One Group by 16.9% in the 3rd 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 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.