Formula One Group (NASDAQ:FWONA) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Formula One Group (NASDAQ:FWONA) in a research note issued to investors on Monday morning,Benzinga reports. The firm issued an underweight rating and a $83.00 target price on the stock.

Several other equities analysts also recently weighed in on the stock. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Benchmark reiterated a “buy” rating and issued a $81.00 target price on shares of Formula One Group in a report on Thursday, November 14th.

Formula One Group Price Performance

Formula One Group stock opened at $90.54 on Monday. Formula One Group has a 1 year low of $57.43 and a 1 year high of $95.33. The firm has a 50-day moving average of $86.76 and a two-hundred day moving average of $78.42. The stock has a market cap of $22.52 billion, a price-to-earnings ratio of 78.73 and a beta of 0.14.

Insider Buying and Selling

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 4.83% of the company’s stock.

Institutional Trading of Formula One Group

A number of institutional investors have recently bought and sold shares of FWONA. Russell Investments Group Ltd. raised its position in shares of Formula One Group by 67.2% during the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after buying an additional 266 shares during the last quarter. FNY Investment Advisers LLC grew its position in Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after acquiring an additional 159 shares during the last quarter. Lountzis Asset Management LLC acquired a new stake in Formula One Group in the 3rd quarter valued at about $220,000. Finally, Integrated Wealth Concepts LLC increased its stake in shares of Formula One Group by 4.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds 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.