Liberty Media Corporation - Liberty Formula One Series C $FWONK Stock Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its FWONK stake by 71.1% in the second quarter, selling 14,868 shares and retaining 6,037 shares valued at approximately $574,000. Institutional investors collectively own 92.26% of the stock.
• Analysts maintain a generally positive outlook, with five Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $117.57.
• FWONK opened at $95.08, while Liberty Media’s latest quarterly results missed expectations: earnings were $0.02 per share versus $0.24 expected, and revenue was $934 million versus estimates of $952.78 million.

NewEdge Advisors LLC reduced its stake in shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 71.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,037 shares of the company's stock after selling 14,868 shares during the period. NewEdge Advisors LLC's holdings in Liberty Media Corporation - Liberty Formula One Series C were worth $574,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FWONK. Squarepoint Ops LLC raised its stake in Liberty Media Corporation - Liberty Formula One Series C by 261.3% in the 2nd quarter. Squarepoint Ops LLC now owns 30,086 shares of the company's stock worth $2,862,000 after acquiring an additional 21,759 shares during the last quarter. Allworth Financial LP increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 567.6% in the second quarter. Allworth Financial LP now owns 968 shares of the company's stock worth $92,000 after acquiring an additional 823 shares during the period. Arizona State Retirement System raised its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 5.7% during the second quarter. Arizona State Retirement System now owns 61,040 shares of the company's stock worth $5,807,000 after purchasing an additional 3,313 shares during the last quarter. Waverly Advisors LLC purchased a new position in shares of Liberty Media Corporation - Liberty Formula One Series C during the second quarter worth $371,000. Finally, Greenland Capital Management LP acquired a new position in Liberty Media Corporation - Liberty Formula One Series C during the second quarter valued at $349,000. 92.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on FWONK shares. UBS Group increased their price target on Liberty Media Corporation - Liberty Formula One Series C from $104.00 to $110.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series C in a report on Wednesday, July 29th. Wells Fargo & Company upped their target price 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 note on Friday, August 7th. Jefferies Financial Group started coverage on Liberty Media Corporation - Liberty Formula One Series C in a report on Wednesday, September 9th. They set a "buy" rating and a $115.00 target price on the stock. Finally, Bank of America lifted their price target on Liberty Media Corporation - Liberty Formula One Series C from $105.00 to $115.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $117.57.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

FWONK stock opened at $95.08 on Friday. The firm has a market cap of $21.33 billion, a PE ratio of 139.82 and a beta of 0.43. The firm's fifty day moving average is $99.07 and its 200 day moving average is $92.97. 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, August 6th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates 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. Research analysts predict that Liberty Media Corporation - Liberty Formula One Series C will post 2 earnings per share for the current fiscal year.

Liberty Media Corporation - Liberty Formula One Series C Profile

Liberty Media Corporation's Liberty Formula One Group, represented by the Series C Liberty Formula One common stock NASDAQ: FWONK, is a tracking-stock group tied primarily to the company's interests in Formula 1. The group's principal business is the ownership and operation of the Formula 1 racing series, including its commercial rights, media and broadcasting activities, race promotion, sponsorship programs and digital products.

Formula 1 organizes the FIA Formula One World Championship, an international motorsport series featuring races hosted in markets across Europe, North America, Asia, the Middle East and other regions.

Want to see what other hedge funds are holding FWONK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report).

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.