Formula One Group (NASDAQ:FWONK) Upgraded by StockNews.com to “Sell” Rating

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a research note issued to investors on Tuesday morning.

A number of other equities research analysts also recently weighed in on the stock. Morgan Stanley lowered 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. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research note on Friday, March 7th. JPMorgan Chase & Co. increased their price target on shares of Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. Finally, Wells Fargo & Company dropped their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $95.33.

Formula One Group Stock Down 1.2 %

NASDAQ FWONK opened at $88.89 on Tuesday. The company’s 50 day moving average is $92.93 and its 200-day moving average is $88.01. Formula One Group has a 12-month low of $64.37 and a 12-month high of $102.33. The firm has a market cap of $22.16 billion, a P/E ratio of 77.30 and a beta of 0.13.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results 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 analysts’ expectations of $1.37 billion. Equities analysts expect that Formula One Group will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC lifted its stake in shares of Formula One Group by 3.0% in 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 in the last quarter. Allstate Corp purchased a new position in shares of Formula One Group in the 4th quarter worth $571,000. Everence Capital Management Inc. purchased a new position in Formula One Group in the fourth quarter worth about $827,000. Janney Montgomery Scott LLC grew its position in Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares during the period. Finally, Hahn Capital Management LLC grew its position in shares of Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares during the period. 92.26% of the stock is 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.