Analysts Set Formula One Group (NASDAQ:FWONA) PT at $90.50

Formula One Group (NASDAQ:FWONA - Get Free Report) has been given an average rating of "Moderate Buy" by the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $90.50.

FWONA has been the topic of a number of research reports. 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. Wells Fargo & Company began coverage on shares of Formula One Group in a research note on Monday, February 24th. They set an "underweight" rating and a $83.00 price target on the stock. Susquehanna began coverage on shares of Formula One Group in a research note on Monday, April 28th. They set a "positive" rating and a $115.00 price target on the stock. Finally, Guggenheim reaffirmed a "buy" rating on shares of Formula One Group in a research note on Monday, March 3rd.

Formula One Group Stock Performance

NASDAQ FWONA traded up $0.20 during trading hours on Friday, reaching $87.71. The company's stock had a trading volume of 12,053 shares, compared to its average volume of 108,957. The stock has a market cap of $21.88 billion, a PE ratio of 76.25 and a beta of 0.40. Formula One Group has a fifty-two week low of $63.01 and a fifty-two week high of $95.33. The company's 50-day moving average is $80.95 and its two-hundred day moving average is $83.01.

Formula One Group (NASDAQ:FWONA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.03. The business had revenue of $400.00 million during the quarter, compared to analyst estimates of $440.80 million. Equities analysts expect that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Chase Carey sold 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $96.38, for a total value of $9,638,000.00. Following the sale, the director now directly owns 93,102 shares of the company's stock, valued at approximately $8,973,170.76. This trade represents a 51.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.97% of the company's stock.

Institutional Investors Weigh In On Formula One Group

Several hedge funds have recently modified their holdings of the stock. Strs Ohio acquired a new position in Formula One Group during the first quarter valued at approximately $2,232,000. Gabelli Funds LLC lifted its position in Formula One Group by 2.3% during the first quarter. Gabelli Funds LLC now owns 115,150 shares of the company's stock valued at $9,381,000 after buying an additional 2,625 shares in the last quarter. Quantbot Technologies LP lifted its position in Formula One Group by 61.6% during the first quarter. Quantbot Technologies LP now owns 2,404 shares of the company's stock valued at $196,000 after buying an additional 916 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Formula One Group by 28.9% during the first quarter. Russell Investments Group Ltd. now owns 853 shares of the company's stock valued at $69,000 after buying an additional 191 shares in the last quarter. Finally, S&CO Inc. lifted its position in Formula One Group by 1.0% during the first quarter. S&CO Inc. now owns 67,554 shares of the company's stock valued at $5,503,000 after buying an additional 660 shares in the last quarter. 8.38% of the stock is owned by institutional investors and hedge funds.

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.