Formula One Group (NASDAQ:FWONK) Issues Quarterly Earnings Results, Misses Estimates By $1.45 EPS

Formula One Group (NASDAQ:FWONK) announced its earnings results on Thursday. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45), Zacks reports. The business had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion.

Formula One Group Price Performance

Formula One Group stock traded up $4.51 during trading hours on Friday, reaching $96.43. The company had a trading volume of 3,145,350 shares, compared to its average volume of 1,260,791. The firm has a market cap of $23.98 billion, a price-to-earnings ratio of 83.85 and a beta of 0.11. Formula One Group has a 12-month low of $64.37 and a 12-month high of $102.33. The company has a 50-day moving average price of $94.80 and a 200 day moving average price of $86.12.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a report on Wednesday. Morgan Stanley cut their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Wells Fargo & Company cut their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Friday. Finally, Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Formula One Group has an average rating of “Hold” and a consensus target price of $93.40.

Insider Activity

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the company’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 transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.31% of the company’s stock.

About Formula One Group

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.