Formula One Group (NASDAQ:FWONK) Rating Increased to Sell at StockNews.com

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a report released on Friday morning.

A number of other equities analysts have also recently commented on the stock. UBS Group assumed coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. Rosenblatt Securities increased their price target on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday. Finally, Morgan Stanley boosted their price objective on Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $88.25.

Formula One Group Stock Up 1.1 %

FWONK stock traded up $0.91 during midday trading on Friday, hitting $81.45. The company’s stock had a trading volume of 1,353,317 shares, compared to its average volume of 822,672. Formula One Group has a 12 month low of $61.23 and a 12 month high of $85.60. The company has a 50 day moving average of $78.21 and a two-hundred day moving average of $75.59. The firm has a market capitalization of $17.09 billion, a price-to-earnings ratio of 76.84 and a beta of 0.01.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.22). The business had revenue of $853.00 million for the quarter, compared to analyst estimates of $960.45 million. On average, analysts anticipate that Formula One Group will post 1.01 earnings per share for the current fiscal year.

Insider Transactions at Formula One Group

In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the transaction, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,817 shares of company stock valued at $2,327,591. 4.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Beach Investment Counsel Inc. PA acquired a new stake in Formula One Group in the 2nd quarter worth approximately $48,000. Lountzis Asset Management LLC lifted its stake in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after buying an additional 864 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after buying an additional 2,514 shares during the last quarter. Finally, Hahn Capital Management LLC increased its position in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares during the period. Hedge funds and other 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.