Formula One Group (NASDAQ:FWONK) Shares Pass Above Fifty Day Moving Average – Here’s Why

Formula One Group (NASDAQ:FWONK)’s share price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $86.27 and traded as high as $95.56. Formula One Group shares last traded at $95.26, with a volume of 681,437 shares.

Wall Street Analysts Forecast Growth

FWONK has been the topic of several recent analyst reports. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. UBS Group assumed coverage on Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Rosenblatt Securities boosted their price objective on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $95.75.

Formula One Group Trading Up 0.3 %

The stock has a market cap of $21.18 billion, a P/E ratio of 82.84 and a beta of 0.18. The company has a 50 day simple moving average of $86.27 and a 200 day simple moving average of $79.76.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. As a group, sell-side analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was 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 approximately $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

A number of large investors have recently bought and sold shares of the company. Hahn Capital Management LLC boosted its stake in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares in the last quarter. Greenwood Gearhart Inc. boosted its stake in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares in the last quarter. Lountzis Asset Management LLC grew its holdings in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.