Formula One Group (NASDAQ:FWONK – Get Free Report) saw some unusual options trading on Monday. Stock investors acquired 4,003 call options on the stock. This is an increase of approximately 1,554% compared to the average daily volume of 242 call options.
Institutional Investors Weigh In On Formula One Group
Hedge funds and other institutional investors have recently modified their holdings of the stock. Beach Investment Counsel Inc. PA purchased a new position in shares of Formula One Group during the second quarter valued at about $48,000. Janney Montgomery Scott LLC purchased a new position in shares of Formula One Group during the fourth quarter valued at about $1,167,000. Finally, Hahn Capital Management LLC grew its position in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.
Formula One Group Stock Performance
Formula One Group stock opened at $77.59 on Tuesday. The stock’s 50 day simple moving average is $77.35 and its two-hundred day simple moving average is $72.88. The stock has a market cap of $16.28 billion and a price-to-earnings ratio of 56.64. Formula One Group has a fifty-two week low of $60.95 and a fifty-two week high of $82.23.
Analyst Ratings Changes
Several analysts have recently commented on the company. Evercore ISI increased their price objective on Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th. StockNews.com raised Formula One Group to a “sell” rating in a research report on Saturday, August 24th. Finally, Morgan Stanley decreased their target price on Formula One Group from $83.00 to $80.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th.
Read Our Latest Analysis on Formula One Group
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.
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