Benchmark Reiterates Buy Rating for Formula One Group (NASDAQ:FWONA)

Formula One Group (NASDAQ:FWONA - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Benchmark in a research note issued to investors on Thursday,Benzinga reports. They presently have a $102.00 price target on the stock. Benchmark's price objective indicates a potential upside of 16.04% from the company's previous close.

FWONA has been the subject of several other research reports. Sanford C. Bernstein started coverage on shares of Formula One Group in a research report on Wednesday, June 4th. They issued a "market perform" rating and a $105.00 price target for the company. Susquehanna started coverage on shares of Formula One Group in a research report on Monday, April 28th. They issued a "positive" rating and a $115.00 price target for the company. Wells Fargo & Company started coverage on shares of Formula One Group in a research report on Monday, February 24th. They issued an "underweight" rating and a $83.00 price target for the company. Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research report on Saturday, March 15th. Finally, Guggenheim reissued a "buy" rating on shares of Formula One Group in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $101.25.

Formula One Group Trading Up 0.8%

FWONA stock traded up $0.68 during mid-day trading on Thursday, reaching $87.90. The company's stock had a trading volume of 158,935 shares, compared to its average volume of 109,703. The stock has a market cap of $21.93 billion, a PE ratio of 76.44 and a beta of 0.49. 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 $82.61 and its two-hundred day moving average is $83.85.

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

Insiders Place Their Bets

In related news, Director Chase Carey sold 100,000 shares of the company'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 transaction of $9,638,000.00. Following the transaction, the director now owns 93,102 shares of the company's stock, valued at approximately $8,973,170.76. This represents a 51.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in Formula One Group by 67.2% during the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company's stock worth $56,000 after purchasing an additional 266 shares during the last quarter. Quantbot Technologies LP increased 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 worth $196,000 after purchasing an additional 916 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 74.0% in the first quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company's stock worth $1,497,000 after acquiring an additional 7,811 shares in the last quarter. Strs Ohio acquired a new stake in shares of Formula One Group in the first quarter worth $2,232,000. Finally, Bank of New York Mellon Corp increased its position in shares of Formula One Group by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company's stock worth $4,835,000 after acquiring an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 8.38% of the company's stock.

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.