Formula One Group (NASDAQ:FWONA) Coverage Initiated by Analysts at Wells Fargo & Company

Investment analysts at Wells Fargo & Company initiated coverage on shares of Formula One Group (NASDAQ:FWONA) in a research note issued to investors on Monday,Benzinga reports. The brokerage set an “underweight” rating and a $83.00 price target on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 8.65% from the stock’s current price.

A number of other brokerages also recently issued reports on FWONA. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Benchmark restated a “buy” rating and set a $81.00 price target on shares of Formula One Group in a research report on Thursday, November 14th.

Formula One Group Stock Performance

Shares of Formula One Group stock traded up $0.63 during mid-day trading on Monday, hitting $90.86. 93,150 shares of the stock were exchanged, compared to its average volume of 96,310. The company has a market capitalization of $22.60 billion, a P/E ratio of 78.98 and a beta of 0.14. The company has a 50-day simple moving average of $86.76 and a 200 day simple moving average of $78.36. Formula One Group has a 12 month low of $57.43 and a 12 month high of $95.33.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction dated Monday, December 16th. The shares were 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. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Lountzis Asset Management LLC bought a new position in Formula One Group in the 3rd quarter worth about $220,000. Integrated Wealth Concepts LLC grew its stake in Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after acquiring an additional 300 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Formula One Group by 67.2% during the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after purchasing an additional 266 shares in the last quarter. Finally, FNY Investment Advisers LLC boosted its position in shares of Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after acquiring an additional 159 shares during the last quarter. 8.38% of the stock is owned by institutional investors.

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.