Bank of America Issues Positive Forecast for Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Stock Price

Key Points

• Bank of America raised its price target on Liberty Media Formula One Series C (NASDAQ:FWONK) from $105 to $115 and kept a buy rating, implying about 16.75% upside from the prior close.
• Analyst sentiment is mixed but generally positive: the stock has five Buy ratings and four Hold ratings, with a consensus target price of $111.14 and a Moderate Buy rating overall.
• The company recently beat quarterly expectations, reporting $0.03 EPS versus an expected loss and $711 million in revenue, while insiders including Chase Carey and Renee L. Wilm sold shares in recent transactions.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) had its price objective boosted by analysts at Bank of America from $105.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price target suggests a potential upside of 16.75% from the company's previous close.

A number of other research firms have also recently weighed in on FWONK. UBS Group cut their price target on Liberty Media Corporation - Liberty Formula One Series C from $107.00 to $104.00 and set a "neutral" rating on the stock in a report on Wednesday, April 15th. Wall Street Zen upgraded Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a research report on Saturday, June 6th. Wells Fargo & Company lifted their target price on Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. JPMorgan Chase & Co. decreased their price target on Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $111.00 and set an "overweight" rating for the company in a research note on Friday, May 29th. Finally, Weiss Ratings raised Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 1st. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $111.14.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

Liberty Media Corporation - Liberty Formula One Series C stock opened at $98.50 on Monday. The company has a 50-day simple moving average of $90.26 and a 200-day simple moving average of $89.44. The firm has a market capitalization of $22.07 billion, a P/E ratio of 45.18 and a beta of 0.44. Liberty Media Corporation - Liberty Formula One Series C has a one year low of $80.15 and a one year high of $109.36.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.09. The firm had revenue of $711.00 million during the quarter, compared to the consensus estimate of $683.42 million. As a group, sell-side analysts forecast that Liberty Media Corporation - Liberty Formula One Series C will post 1.91 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Chase Carey sold 100,000 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $90.28, for a total value of $9,028,000.00. Following the sale, the director directly owned 94,356 shares in the company, valued at $8,518,459.68. The trade was a 51.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Renee L. Wilm sold 11,597 shares of the business's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $90.09, for a total value of $1,044,773.73. Following the sale, the insider directly owned 15,590 shares in the company, valued at $1,404,503.10. This trade represents a 42.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Investors Weigh In On Liberty Media Corporation - Liberty Formula One Series C

Large investors have recently made changes to their positions in the company. Zions Bancorporation National Association UT raised its stake in Liberty Media Corporation - Liberty Formula One Series C by 172.5% during the 4th quarter. Zions Bancorporation National Association UT now owns 297 shares of the company's stock valued at $29,000 after purchasing an additional 188 shares during the period. Advisory Services Network LLC acquired a new stake in Liberty Media Corporation - Liberty Formula One Series C during the 3rd quarter worth about $34,000. Headlands Technologies LLC purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the 2nd quarter valued at about $38,000. Osterweis Capital Management Inc. acquired a new position in shares of Liberty Media Corporation - Liberty Formula One Series C in the 2nd quarter valued at about $39,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Liberty Media Corporation - Liberty Formula One Series C by 70.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 425 shares of the company's stock worth $42,000 after purchasing an additional 175 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company's stock.

About Liberty Media Corporation - Liberty Formula One Series C

Liberty Media Corporation - Liberty Formula One Series C NASDAQ: FWONK is a tracking stock that represents Liberty Media's economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world's largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.