Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded FWONK from “strong buy” to “hold,” although analyst sentiment remains broadly positive with a consensus “Moderate Buy” rating and a $115.50 price target.
• Shares opened at $92.47, with a market capitalization of $20.74 billion and a 12-month trading range of $80.15 to $107.31.
• Liberty Media’s latest quarterly results fell short of expectations: earnings were $0.02 per share versus the $0.24 consensus estimate, while revenue came in at $934 million versus $952.78 million expected.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday, Zacks reports.

A number of other brokerages have also recently issued reports on FWONK. Guggenheim increased their target price on Liberty Media Corporation - Liberty Formula One Series C from $125.00 to $134.00 and gave the stock a "buy" rating in a report on Monday, August 17th. Sanford C. Bernstein boosted their price target on Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $119.00 and gave the company an "outperform" rating in a research note on Tuesday, July 28th. Jefferies Financial Group assumed coverage on Liberty Media Corporation - Liberty Formula One Series C in a research note on Wednesday, September 9th. They issued a "buy" rating and a $115.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Liberty Media Corporation - Liberty Formula One Series C from $124.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series C in a research note on Wednesday, July 29th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Liberty Media Corporation - Liberty Formula One Series C has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

Shares of Liberty Media Corporation - Liberty Formula One Series C stock opened at $92.47 on Thursday. The firm has a market cap of $20.74 billion, a P/E ratio of 136.19 and a beta of 0.46. The firm's 50-day simple moving average is $94.94 and its 200-day simple moving average is $91.92. Liberty Media Corporation - Liberty Formula One Series C has a twelve month low of $80.15 and a twelve month high of $107.31.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.22). The company had revenue of $934.00 million for the quarter, compared to analysts' expectations of $952.78 million. On average, equities analysts forecast that Liberty Media Corporation - Liberty Formula One Series C will post 2.00 earnings per share for the current fiscal year.

Institutional Trading of Liberty Media Corporation - Liberty Formula One Series C

Several large investors have recently added to or reduced their stakes in the company. Allied Private Wealth LLC acquired a new position in Liberty Media Corporation - Liberty Formula One Series C during the 2nd quarter worth $32,000. Anchor Investment Management LLC acquired a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C in the 2nd quarter valued at $39,000. IFP Advisors Inc increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 148.5% in the 3rd quarter. IFP Advisors Inc now owns 420 shares of the company's stock valued at $39,000 after buying an additional 251 shares during the period. WPG Advisers LLC increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 585.1% in the 3rd quarter. WPG Advisers LLC now owns 459 shares of the company's stock valued at $42,000 after buying an additional 392 shares during the period. Finally, Signaturefd LLC acquired a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C in the 3rd quarter valued at $43,000. 92.26% of the stock is owned by institutional investors.

Liberty Media Corporation - Liberty Formula One Series C Company Profile

Liberty Media Corporation's Liberty Formula One Series C tracking stock represents an economic interest in the company's Formula One Group. The group is centered on Formula 1, the global motorsport championship that organizes and promotes Grand Prix racing, manages commercial rights, and coordinates the sport's international media, sponsorship, hospitality and licensing activities.

Formula 1 serves a worldwide audience through its race calendar, broadcast and digital content, live-event experiences, sponsorship programs and official merchandise.

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