Formula One Group (NASDAQ:FWONK) Given Consensus Recommendation of “Hold” by Brokerages

Formula One Group (NASDAQ:FWONK) has earned a consensus rating of “Hold” from the seven brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $95.33.

FWONK has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Morgan Stanley cut their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. increased their target price on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, March 6th. Rosenblatt Securities reiterated a “buy” rating and set a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Finally, Wells Fargo & Company dropped their price target on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group 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 transaction, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Several hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Management LLC lifted its holdings in shares of Formula One Group by 3.0% during the third 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 last quarter. 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. Everence Capital Management Inc. acquired a new position in Formula One Group during the 4th quarter valued at $827,000. Janney Montgomery Scott LLC boosted its holdings in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after purchasing an additional 287 shares during the period. Finally, Hahn Capital Management LLC grew its position in Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after purchasing an additional 21,699 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK opened at $85.96 on Friday. The stock has a market capitalization of $21.43 billion, a price-to-earnings ratio of 74.75 and a beta of 0.13. Formula One Group has a 1-year low of $64.37 and a 1-year high of $102.33. The company has a 50 day moving average price of $93.74 and a 200 day moving average price of $86.86.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, sell-side analysts expect 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.