Formula One Group (NASDAQ:FWONK) Receives $95.33 Average PT from Brokerages

Shares of Formula One Group (NASDAQ:FWONK) have been given a consensus rating of “Moderate Buy” by the seven analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $95.33.

Several equities analysts have recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a research report on Friday, March 7th. Morgan Stanley reduced their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. increased their price objective on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. Wells Fargo & Company reduced their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. Finally, Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th.

Formula One Group Price Performance

Shares of NASDAQ:FWONK opened at $85.88 on Friday. The stock has a market cap of $21.41 billion, a price-to-earnings ratio of 74.68 and a beta of 0.13. Formula One Group has a 12 month low of $64.37 and a 12 month high of $102.33. The stock’s 50 day moving average price is $93.22 and its 200 day moving average price is $87.19.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $1.37 billion. On average, sell-side analysts expect that Formula One Group will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Formula One Group

A number of institutional investors have recently bought and sold shares of FWONK. Hahn Capital Management LLC boosted its stake in shares of Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after buying an additional 21,699 shares during the period. Greenwood Gearhart Inc. grew its stake in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares in the last quarter. Everence Capital Management Inc. purchased a new position in Formula One Group in the fourth quarter valued at about $827,000. California State Teachers Retirement System increased its position in Formula One Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock worth $32,518,000 after purchasing an additional 6,297 shares during the last quarter. Finally, Allstate Corp purchased a new stake in shares of Formula One Group during the 4th quarter worth about $571,000. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.