Formula One Group (NASDAQ:FWONK) Sets New 52-Week High – Here’s What Happened

Shares of Formula One Group (NASDAQ:FWONK) hit a new 52-week high during trading on Wednesday . The stock traded as high as $96.90 and last traded at $96.81, with a volume of 49411 shares traded. The stock had previously closed at $94.90.

Wall Street Analysts Forecast Growth

FWONK has been the subject of several analyst reports. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $95.00 to $115.00 in a research note on Wednesday. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Rosenblatt Securities lifted their price objective on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, UBS Group began coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $95.75.

Formula One Group Trading Up 1.0 %

The company has a market cap of $21.30 billion, a PE ratio of 82.52 and a beta of 0.18. The company’s 50 day moving average is $84.38 and its 200 day moving average is $78.92.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.18. The business had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. Analysts expect that Formula One Group will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares in the company, valued at $250,040.34. The trade was a 23.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of the business’s stock in a transaction dated 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 a total of 31,911 shares of company stock worth $2,403,701 in the last ninety days. 4.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently modified their holdings of the business. Lountzis Asset Management LLC boosted its holdings 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 acquiring an additional 864 shares in the last quarter. MetLife Investment Management LLC increased its position in 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 during the last quarter. Janney Montgomery Scott LLC raised 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 acquiring an additional 3,958 shares during the period. Hahn Capital Management LLC grew its position in Formula One Group by 33.5% in the second 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 in the last quarter. Finally, Greenwood Gearhart Inc. increased its holdings in 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 purchasing an additional 13,146 shares during the last quarter. Institutional investors and hedge funds 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.