Wall Street Zen Downgrades Formula One Group (NASDAQ:FWONK) to Sell

Formula One Group (NASDAQ:FWONK - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Wednesday.

FWONK has been the subject of a number of other research reports. Morgan Stanley decreased their price objective on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Rosenblatt Securities reaffirmed a "buy" rating and set a $102.00 price target on shares of Formula One Group in a research note on Friday, March 7th. Seaport Res Ptn raised Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. Wells Fargo & Company reduced their price objective on Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. upped their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Formula One Group has a consensus rating of "Moderate Buy" and a consensus target price of $98.57.

Formula One Group Price Performance

Shares of FWONK traded up $0.08 during mid-day trading on Wednesday, reaching $97.29. 694,281 shares of the company's stock traded hands, compared to its average volume of 1,250,876. The stock's 50-day moving average is $88.27 and its two-hundred day moving average is $90.61. Formula One Group has a 12 month low of $70.31 and a 12 month high of $102.33. The stock has a market cap of $24.27 billion, a P/E ratio of 84.60 and a beta of 0.33.

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

Insider Buying and Selling

In related news, Director Chase Carey sold 50,000 shares of the business's stock in a transaction on 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 transaction, the director now directly owns 93,102 shares in the company, valued at $8,807,449.20. The trade was a 34.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently added to or reduced their stakes in the business. GW&K Investment Management LLC purchased a new position in Formula One Group in the 1st quarter worth $25,000. Versant Capital Management Inc grew its stake in Formula One Group by 1,378.8% during the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock valued at $194,000 after purchasing an additional 2,013 shares during the last quarter. HighPoint Advisor Group LLC increased its holdings in shares of Formula One Group by 22.3% in the first quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company's stock valued at $382,000 after purchasing an additional 779 shares during the period. Allstate Corp acquired a new position in shares of Formula One Group in the fourth quarter valued at about $571,000. Finally, Praxis Investment Management Inc. raised its stake in shares of Formula One Group by 10.7% in the first quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock worth $888,000 after purchasing an additional 950 shares during the last quarter. Institutional investors and hedge funds own 92.26% 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.