Formula One Group (NASDAQ:FWONK) Receives $98.00 Average Target Price from Brokerages

Shares of Formula One Group (NASDAQ:FWONK) have received a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $98.00.

A number of brokerages have weighed in on FWONK. Rosenblatt Securities increased their price target on Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. UBS Group initiated coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective on the stock. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th.

Insider Activity at Formula One Group

In other news, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The disclosure for this sale can be found here. 4.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds have recently modified their holdings of FWONK. Greenwood Gearhart Inc. raised 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 valued at $13,640,000 after acquiring an additional 13,146 shares during the period. Janney Montgomery Scott LLC raised its holdings in Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after acquiring an additional 287 shares during the period. Everence Capital Management Inc. bought a new stake in Formula One Group during the 4th quarter valued at $827,000. 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 valued at $538,000 after acquiring an additional 203 shares during the period. Finally, Lountzis Asset Management LLC raised its holdings 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 acquiring an additional 864 shares during the period. Institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Up 1.8 %

NASDAQ FWONK opened at $96.07 on Friday. The company has a market capitalization of $23.89 billion, a price-to-earnings ratio of 83.54 and a beta of 0.11. Formula One Group has a twelve month low of $64.37 and a twelve month high of $96.89. The stock has a fifty day simple moving average of $92.02 and a 200 day simple moving average of $83.21.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. Research analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Formula One Group Company Profile

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.