Brokerages Set Formula One Group (NASDAQ:FWONA) Target Price at $82.33

Shares of Formula One Group (NASDAQ:FWONA) have received a consensus recommendation of “Hold” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $82.33.

FWONA has been the topic of a number of research reports. Wells Fargo & Company began coverage on shares of Formula One Group in a research report on Monday, February 24th. They set an “underweight” rating and a $83.00 target price on the stock. Guggenheim restated a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd. Benchmark reaffirmed a “buy” rating and issued a $81.00 target price on shares of Formula One Group in a report on Thursday, November 14th. Finally, Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th.

Insider Activity at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the firm’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 transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in shares of Formula One Group by 4.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after acquiring an additional 300 shares during the period. Lountzis Asset Management LLC acquired a new position in Formula One Group during the third quarter worth approximately $220,000. FNY Investment Advisers LLC raised its stake in Formula One Group by 25.6% during the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after purchasing an additional 159 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after purchasing an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 8.38% of the company’s stock.

Formula One Group Trading Down 0.3 %

FWONA stock opened at $77.16 on Monday. The stock has a market cap of $19.23 billion, a P/E ratio of 67.10 and a beta of 0.15. Formula One Group has a twelve month low of $57.43 and a twelve month high of $95.33. The company’s 50 day moving average is $86.55 and its two-hundred day moving average is $79.67.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($1.46). The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, equities research analysts predict that Formula One Group will post 1.46 earnings per share 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.