Formula One Group (NASDAQ:FWONK - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a research note issued to investors on Wednesday.
A number of other research firms have also recently weighed in on FWONK. JPMorgan Chase & Co. boosted their price objective on shares of Formula One Group from $96.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, March 6th. Wells Fargo & Company lowered their target price on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a research note on Friday, February 28th. Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. Rosenblatt Securities reissued a "buy" rating and set a $102.00 target price on shares of Formula One Group in a research note on Friday, March 7th. Finally, Susquehanna initiated 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 for the company. Two research analysts have rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $98.14.
Read Our Latest Stock Analysis on FWONK
Formula One Group Price Performance
Formula One Group stock opened at $96.84 on Wednesday. The firm's 50 day moving average price is $87.65 and its 200-day moving average price is $90.21. Formula One Group has a 1 year low of $70.31 and a 1 year high of $102.33. The stock has a market cap of $24.16 billion, a P/E ratio of 84.21 and a beta of 0.33.
Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, topping 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. As a group, equities analysts expect that Formula One Group will post 1.36 EPS for the current year.
Insider Activity
In related news, Director Chase Carey sold 50,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $94.60, for a total value of $4,730,000.00. Following the transaction, the director now owns 93,102 shares in the company, valued at approximately $8,807,449.20. This represents a 34.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.31% of the company's stock.
Institutional Investors Weigh In On Formula One Group
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. GW&K Investment Management LLC purchased a new position in Formula One Group in the 1st quarter valued at $25,000. Versant Capital Management Inc raised its holdings in shares of 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 worth $194,000 after acquiring an additional 2,013 shares during the period. HighPoint Advisor Group LLC raised its holdings in shares of Formula One Group by 22.3% during the 1st quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company's stock worth $382,000 after acquiring an additional 779 shares during the period. Allstate Corp purchased a new position in shares of Formula One Group during the 4th quarter worth $571,000. Finally, Praxis Investment Management Inc. raised 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 worth $888,000 after acquiring an additional 950 shares during the period. Institutional investors and hedge funds own 92.26% of the company's stock.
About Formula One Group
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Formula One Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Formula One Group wasn't on the list.
While Formula One Group currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are hedge funds and endowments buying in today's market? Enter your email address and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying now.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
