Formula One Group (NASDAQ:FWONK) Sees Significant Drop in Short Interest

Formula One Group (NASDAQ:FWONK) saw a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 4,060,000 shares, a drop of 5.8% from the October 31st total of 4,310,000 shares. Based on an average daily volume of 1,040,000 shares, the short-interest ratio is currently 3.9 days.

Formula One Group Stock Performance

Shares of FWONK opened at $88.50 on Wednesday. The stock has a fifty day moving average price of $81.03 and a two-hundred day moving average price of $77.43. The company has a market cap of $19.67 billion, a price-to-earnings ratio of 76.96 and a beta of 0.18. Formula One Group has a 52-week low of $61.23 and a 52-week high of $89.77.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. As a group, research analysts predict that Formula One Group will post 1.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Renee L. Wilm sold 19,202 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction on Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. Insiders have sold 31,911 shares of company stock worth $2,403,701 in the last ninety days.

Hedge Funds Weigh In On Formula One Group

Large investors have recently modified their holdings of the stock. Greenwood Gearhart Inc. raised its position in shares of Formula One Group by 8.1% during the third 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 during the last quarter. MetLife Investment Management LLC raised its holdings in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the last quarter. Lountzis Asset Management LLC lifted its position in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Hahn Capital Management LLC grew its position in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Rosenblatt Securities lifted their price objective 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 report on Monday, November 18th. UBS Group began coverage on Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective for the company. Finally, Morgan Stanley upped their target price on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $88.25.

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.