8,920 Shares in Formula One Group (NASDAQ:FWONK) Purchased by Everence Capital Management Inc.

Everence Capital Management Inc. bought a new stake in shares of Formula One Group (NASDAQ:FWONK) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 8,920 shares of the company’s stock, valued at approximately $827,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Greenwood Gearhart Inc. grew its stake in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares in the last quarter. MetLife Investment Management LLC boosted its holdings 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 valued at $538,000 after purchasing an additional 203 shares during the period. Lountzis Asset Management LLC grew its stake in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the period. Finally, Hahn Capital Management LLC raised its position in Formula One Group by 33.5% during the 2nd 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.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FWONK. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research 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 target price for the company. Rosenblatt Securities lifted their price target on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Finally, Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $95.75.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by company insiders.

Formula One Group Price Performance

Formula One Group stock opened at $92.08 on Friday. Formula One Group has a 1-year low of $61.44 and a 1-year high of $96.89. The business has a fifty day moving average price of $88.17 and a 200-day moving average price of $80.74. The stock has a market capitalization of $22.90 billion, a price-to-earnings ratio of 80.07 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. On average, equities research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

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.