Formula One Group’s (FWONK) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Formula One Group (NASDAQ:FWONK) in a research report released on Wednesday,Benzinga reports. They currently have a $102.00 price target on the stock.

FWONK has been the subject of several other reports. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Wells Fargo & Company upgraded Formula One Group to a “strong sell” rating in a research report on Friday, February 21st. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $93.40.

Formula One Group Price Performance

FWONK stock opened at $96.43 on Wednesday. Formula One Group has a 1-year low of $64.37 and a 1-year high of $102.33. The company has a market capitalization of $23.98 billion, a price-to-earnings ratio of 83.85 and a beta of 0.11. The business has a 50 day simple moving average of $94.76 and a two-hundred day simple moving average of $85.97.

Insiders Place Their Bets

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the 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 sale, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently made changes to their positions in FWONK. Hahn Capital Management LLC grew its position in shares of Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after buying an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. grew its position in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after buying an additional 13,146 shares in the last quarter. Everence Capital Management Inc. bought a new position in shares of Formula One Group during the 4th quarter worth $827,000. Allstate Corp bought a new position in shares of Formula One Group during the 4th quarter worth $571,000. Finally, Public Employees Retirement System of Ohio boosted its position in Formula One Group by 1.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after purchasing an additional 4,897 shares in the last quarter. Institutional investors own 92.26% of the company’s stock.

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.