JPMorgan Chase & Co. Issues Positive Forecast for Formula One Group (NASDAQ:FWONK) Stock Price

Formula One Group (NASDAQ:FWONK - Get Free Report) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $105.00 to $108.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 11.01% from the company's previous close.

A number of other brokerages have also recently weighed in on FWONK. Rosenblatt Securities reaffirmed a "buy" rating and set a $102.00 price target on shares of Formula One Group in a research report on Friday, March 7th. Wall Street Zen downgraded Formula One Group from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Wells Fargo & Company lowered their target price on 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. Susquehanna began coverage on 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. Finally, Seaport Res Ptn upgraded Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.57.

Formula One Group Stock Up 0.1%

Shares of NASDAQ FWONK traded up $0.08 during midday trading on Wednesday, hitting $97.29. The stock had a trading volume of 694,281 shares, compared to its average volume of 1,250,876. Formula One Group has a 1-year low of $70.31 and a 1-year high of $102.33. The company has a market capitalization of $24.27 billion, a price-to-earnings ratio of 84.60 and a beta of 0.33. The company has a fifty day moving average price of $88.27 and a 200 day moving average price of $90.61.

Formula One Group (NASDAQ:FWONK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 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 analysts' expectations of $440.80 million. On average, research analysts forecast that Formula One Group will post 1.36 EPS for the current year.

Insider Buying and Selling 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 shares were 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 owns 93,102 shares of the company's stock, valued at approximately $8,807,449.20. The trade was a 34.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Formula One Group

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