Formula One Group (NASDAQ:FWONK) Upgraded to Sell by StockNews.com

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a report published on Friday.

Separately, Morgan Stanley boosted their target price on shares of Formula One Group from $80.00 to $85.00 and gave the company an equal weight rating in a research report on Monday, September 23rd.

Formula One Group Stock Down 3.6 %

Shares of NASDAQ:FWONK opened at $74.39 on Friday. The firm has a market cap of $17.48 billion, a P/E ratio of 54.30 and a beta of 0.04. Formula One Group has a 12-month low of $61.23 and a 12-month high of $82.23. The business has a fifty day simple moving average of $77.09 and a 200 day simple moving average of $73.62.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $960.45 million. As a group, equities research analysts expect that Formula One Group will post 0.98 EPS for the current year.

Insider Activity

In other news, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock valued at $2,327,591 in the last ninety days. 4.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently bought and sold shares of the stock. Hahn Capital Management LLC boosted its position in Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the period. Beach Investment Counsel Inc. PA purchased a new position in shares of Formula One Group in the second quarter worth about $48,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group by 13.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares during the last quarter. 92.26% of the stock is currently 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.