Formula One Group (NASDAQ:FWONK) Price Target Raised to $108.00 at JPMorgan Chase & Co.

Formula One Group (NASDAQ:FWONK - Get Free Report) had its price target hoisted by stock analysts at JPMorgan Chase & Co. from $105.00 to $108.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 9.59% from the stock's current price.

FWONK has been the topic of several other reports. Seaport Res Ptn upgraded shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. Wells Fargo & Company cut 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 report on Friday, February 28th. Rosenblatt Securities restated a "buy" rating and set a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. Susquehanna assumed 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 objective for the company. Finally, Morgan Stanley cut their price target 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. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.57.

Formula One Group Trading Up 1.8%

Shares of NASDAQ FWONK traded up $1.71 during mid-day trading on Wednesday, hitting $98.55. The company had a trading volume of 111,605 shares, compared to its average volume of 1,289,879. Formula One Group has a one year low of $70.31 and a one year high of $102.33. The company has a market capitalization of $24.58 billion, a PE ratio of 85.63 and a beta of 0.33. The firm has a 50-day simple moving average of $87.65 and a two-hundred day simple moving average of $90.21.

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

Insider Transactions at Formula One Group

In related news, Director Chase Carey sold 50,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $94.60, for a total value of $4,730,000.00. Following the completion of the sale, the director now directly owns 93,102 shares of the company's stock, valued at approximately $8,807,449.20. This represents a 34.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.31% of the stock is currently owned by insiders.

Institutional Trading of Formula One Group

Several institutional investors have recently made changes to their positions in FWONK. GW&K Investment Management LLC purchased a new position in Formula One Group during the first quarter worth about $25,000. Janney Montgomery Scott LLC boosted its position in Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after purchasing an additional 287 shares during the last quarter. HighPoint Advisor Group LLC increased its position 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 valued at $382,000 after purchasing an additional 779 shares during the last quarter. Praxis Investment Management Inc. raised its stake 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 purchasing an additional 950 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in shares of Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock worth $194,000 after buying an additional 2,013 shares during the last quarter. Institutional investors 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.

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.