Formula One Group (NASDAQ:FWONK) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) have received an average recommendation of "Moderate Buy" from the eight analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $98.57.

Several research analysts recently issued reports on FWONK shares. Susquehanna initiated coverage on shares of Formula One Group in a research report on Monday, April 28th. They set a "positive" rating and a $115.00 price target on the stock. Morgan Stanley reduced their target price on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. Wells Fargo & Company dropped their price objective on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. increased their price objective on Formula One Group from $105.00 to $108.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st.

Insider Activity at Formula One Group

In other news, Director Chase Carey sold 50,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $94.60, for a total transaction of $4,730,000.00. Following the completion of the transaction, the director now directly owns 93,102 shares in the company, valued at approximately $8,807,449.20. The trade was a 34.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.31% of the stock is currently owned by company insiders.

Institutional Trading of Formula One Group

Hedge funds have recently modified their holdings of the company. GW&K Investment Management LLC acquired a new stake in Formula One Group during the 1st quarter worth $25,000. Versant Capital Management Inc increased its holdings in shares of Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock worth $194,000 after acquiring an additional 2,013 shares in the last quarter. HighPoint Advisor Group LLC raised its position in shares of Formula One Group by 22.3% during the first quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company's stock worth $382,000 after purchasing an additional 779 shares during the period. Allstate Corp bought a new position in shares of Formula One Group during the 4th quarter valued at about $571,000. Finally, Praxis Investment Management Inc. lifted its holdings in shares of Formula One Group by 10.7% during the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock valued at $888,000 after purchasing an additional 950 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Formula One Group Price Performance

Shares of FWONK traded down $0.12 on Thursday, hitting $95.32. The company's stock had a trading volume of 2,230,249 shares, compared to its average volume of 1,250,390. The company has a market capitalization of $23.78 billion, a PE ratio of 82.89 and a beta of 0.33. Formula One Group has a fifty-two week low of $70.31 and a fifty-two week high of $102.33. The company has a 50 day moving average price of $89.08 and a 200 day moving average price of $90.99.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.23. The business had revenue of $447.00 million during the quarter, compared to the consensus estimate of $440.80 million. On average, equities analysts forecast that Formula One Group will post 1.36 EPS for the current year.

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.