Liberty Media Corporation - Liberty Formula One Series C $FWONK is Engineers Gate Manager LP's 3rd Largest Position

Key Points

• Engineers Gate Manager LP increased its FWONK stake by 893.8% in the second quarter, making the stock its third-largest holding at 1.3% of its portfolio. The firm owned 1.05 million shares, worth approximately $99.8 million.
• FWONK recently traded at $94.95, down 0.6%, with a market capitalization of $21.3 billion. The company reported quarterly EPS of $0.02, below the $0.24 consensus estimate, while revenue of $934 million also fell short of expectations.
• Analysts maintain a generally positive outlook, with four Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $118.00.

Engineers Gate Manager LP increased its holdings in Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 893.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,049,351 shares of the company's stock after acquiring an additional 943,757 shares during the quarter. Liberty Media Corporation - Liberty Formula One Series C makes up about 1.3% of Engineers Gate Manager LP's investment portfolio, making the stock its 3rd largest position. Engineers Gate Manager LP owned approximately 0.47% of Liberty Media Corporation - Liberty Formula One Series C worth $99,835,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FWONK. Zions Bancorporation National Association UT raised its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 172.5% in 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 in the last quarter. Allied Private Wealth LLC purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C in the 2nd quarter worth approximately $32,000. Advisory Services Network LLC bought a new position in shares of Liberty Media Corporation - Liberty Formula One Series C during the third quarter valued at approximately $34,000. Headlands Technologies LLC purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the second quarter valued at approximately $38,000. Finally, Osterweis Capital Management Inc. purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the second quarter valued at approximately $39,000. 92.26% of the stock is currently owned by institutional investors.

Liberty Media Corporation - Liberty Formula One Series C Stock Down 0.6%

NASDAQ:FWONK opened at $94.95 on Wednesday. The stock has a market capitalization of $21.30 billion, a price-to-earnings ratio of 139.63 and a beta of 0.43. Liberty Media Corporation - Liberty Formula One Series C has a 52 week low of $80.15 and a 52 week high of $109.36. The firm has a 50 day moving average of $99.88 and a 200 day moving average of $92.36.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last released 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 business had revenue of $934.00 million for the quarter, compared to analyst estimates of $952.78 million. As a group, analysts expect that Liberty Media Corporation - Liberty Formula One Series C will post 2 EPS for the current year.

Insider Buying and Selling at Liberty Media Corporation - Liberty Formula One Series C

In related news, 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 transaction of $1,044,773.73. Following the transaction, the insider directly owned 15,590 shares in the company, valued at $1,404,503.10. The trade was a 42.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FWONK. JPMorgan Chase & Co. increased their target price 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. Wells Fargo & Company boosted their price target on Liberty Media Corporation - Liberty Formula One Series C from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series C in a research note on Wednesday, July 29th. UBS Group raised their price objective on Liberty Media Corporation - Liberty Formula One Series C from $104.00 to $110.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Finally, Guggenheim lifted their target price on Liberty Media Corporation - Liberty Formula One Series C from $125.00 to $134.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $118.00.

Liberty Media Corporation - Liberty Formula One Series C Profile

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.

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