Formula One Group (NASDAQ:FWONK) Trading Down 5.2% – Time to Sell?

Shares of Formula One Group (NASDAQ:FWONK) dropped 5.2% during trading on Thursday . The stock traded as low as $85.03 and last traded at $85.41. Approximately 335,090 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 1,219,426 shares. The stock had previously closed at $90.05.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised 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. Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Wells Fargo & Company dropped their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Morgan Stanley decreased their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, StockNews.com upgraded Formula One Group to a “sell” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.33.

Formula One Group Stock Performance

The stock has a fifty day moving average of $92.57 and a 200-day moving average of $88.03. The company has a market cap of $20.07 billion, a PE ratio of 70.00 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. As a group, equities analysts anticipate that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Trading of Formula One Group

Institutional investors and hedge funds have recently modified their holdings of the stock. MetLife Investment Management LLC grew 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 acquiring an additional 203 shares in the last quarter. Greenwood Gearhart Inc. lifted its position in shares of Formula One Group by 8.1% in 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 period. Everence Capital Management Inc. bought a new position in shares of Formula One Group during the fourth quarter valued at approximately $827,000. Janney Montgomery Scott LLC increased its holdings in Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares during the period. Finally, Hahn Capital Management LLC raised its stake in Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after buying an additional 21,699 shares in the last quarter. Institutional investors own 92.26% of the company’s stock.

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.