Formula One Group (NASDAQ:FWONA) Sees Unusually-High Trading Volume

Formula One Group (NASDAQ:FWONA) shares saw an uptick in trading volume on Thursday . 43,890 shares traded hands during mid-day trading, a decline of 56% from the previous session’s volume of 99,475 shares.The stock last traded at $73.32 and had previously closed at $71.64.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FWONA. Deutsche Bank Aktiengesellschaft upgraded Formula One Group from a “hold” rating to a “buy” rating and lifted their target price for the stock from $73.00 to $83.00 in a research report on Thursday, May 30th. Benchmark boosted their price objective on Formula One Group from $77.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, August 9th.

Formula One Group Price Performance

The business’s 50 day simple moving average is $70.82 and its 200 day simple moving average is $65.99. The company has a market capitalization of $16.82 billion and a price-to-earnings ratio of 52.24.

Formula One Group (NASDAQ:FWONA) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.24). The company had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $1.04 billion. As a group, analysts expect that Formula One Group will post 1.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

A hedge fund recently raised its stake in Formula One Group stock. Janney Montgomery Scott LLC lifted its holdings in shares of Formula One Group (NASDAQ:FWONA) by 13.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,413 shares of the company’s stock after buying an additional 1,600 shares during the period. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $788,000 at the end of the most recent reporting period. Institutional investors own 8.38% of the company’s stock.

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.