Formula One Group (NASDAQ:FWONA) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Shares of Formula One Group (NASDAQ:FWONA - Get Free Report) have earned a consensus rating of "Moderate Buy" from the six ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $90.50.

Several analysts have issued reports on FWONA shares. Wells Fargo & Company initiated coverage on Formula One Group in a report on Monday, February 24th. They issued an "underweight" rating and a $83.00 target price for the company. Susquehanna assumed coverage on shares of Formula One Group in a research note on Monday, April 28th. They set a "positive" rating and a $115.00 target price on the stock. Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Saturday, March 15th. Finally, Guggenheim restated a "buy" rating on shares of Formula One Group in a report on Monday, March 3rd.

Formula One Group Stock Performance

Shares of NASDAQ:FWONA traded up $1.46 during midday trading on Tuesday, hitting $83.43. The company's stock had a trading volume of 68,277 shares, compared to its average volume of 111,756. The company has a market cap of $20.80 billion, a P/E ratio of 72.55 and a beta of 0.40. Formula One Group has a 12-month low of $61.27 and a 12-month high of $95.33. The business's 50 day simple moving average is $78.81 and its 200 day simple moving average is $81.45.

Formula One Group (NASDAQ:FWONA - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($1.46). The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.37 billion. On average, sell-side analysts predict that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in Formula One Group by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company's stock valued at $4,835,000 after buying an additional 1,300 shares during the period. Janney Montgomery Scott LLC grew its stake in Formula One Group by 74.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company's stock worth $1,497,000 after purchasing an additional 7,811 shares in the last quarter. FNY Investment Advisers LLC grew its stake in Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company's stock worth $65,000 after purchasing an additional 159 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company's stock valued at $56,000 after purchasing an additional 266 shares in the last quarter. 8.38% of the stock is currently owned by hedge funds and other institutional investors.

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.