Formula One Group (NASDAQ:FWONK) Hits New 1-Year High on Earnings Beat

Formula One Group (NASDAQ:FWONK)’s share price reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $85.61 and last traded at $85.59, with a volume of 2839717 shares. The stock had previously closed at $80.96.

The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FWONK shares. Morgan Stanley increased their target price on Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. StockNews.com raised Formula One Group to a “sell” rating in a research report on Friday, November 8th. Rosenblatt Securities increased their target price on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, UBS Group started coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $88.25.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the transaction, the director now directly owns 5,274 shares in the company, valued at $250,040.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,817 shares of company stock worth $2,327,591. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Several hedge funds have recently bought and sold shares of FWONK. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group during the second quarter valued at about $48,000. Hahn Capital Management LLC grew its holdings in 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 during the period. Janney Montgomery Scott LLC lifted its position in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after acquiring an additional 3,958 shares in the last quarter. Finally, Lountzis Asset Management LLC lifted its position in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares in the last quarter. Institutional investors own 92.26% of the company’s stock.

Formula One Group Price Performance

The company has a 50-day moving average price of $78.51 and a 200 day moving average price of $75.91. The firm has a market capitalization of $17.96 billion, a PE ratio of 74.43 and a beta of 0.01.

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.