JPMorgan Chase & Co. Boosts Formula One Group (NASDAQ:FWONK) Price Target to $105.00

Formula One Group (NASDAQ:FWONK) had its price target raised by research analysts at JPMorgan Chase & Co. from $96.00 to $105.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 17.63% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Wells Fargo & Company reduced their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. Morgan Stanley dropped their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 target price on shares of Formula One Group in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $95.33.

Formula One Group Stock Down 3.5 %

Formula One Group stock opened at $89.26 on Thursday. The business has a fifty day moving average of $94.53 and a two-hundred day moving average of $86.63. The firm has a market cap of $22.20 billion, a P/E ratio of 77.62 and a beta of 0.11. Formula One Group has a twelve month low of $64.37 and a twelve month high of $102.33.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. Equities 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 Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the business’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 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. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Lountzis Asset Management LLC increased 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 buying an additional 864 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Formula One Group by 3.0% during the third 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. Allstate Corp purchased a new stake in shares of Formula One Group during the fourth quarter worth approximately $571,000. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group during the fourth quarter worth approximately $827,000. Finally, Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 16.9% during the third 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 in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.