Formula One Group (NASDAQ:FWONK) Shares Down 2.1% - Should You Sell?

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) were down 2.1% during trading on Wednesday . The stock traded as low as $86.64 and last traded at $87.37. Approximately 115,735 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 1,259,374 shares. The stock had previously closed at $89.28.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FWONK shares. Morgan Stanley cut their price target on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Rosenblatt Securities reiterated a "buy" rating and set a $102.00 target price on shares of Formula One Group in a research note on Friday, March 7th. 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. StockNews.com upgraded shares of Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Finally, Wells Fargo & Company dropped their target price on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a research note on Friday, February 28th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.14.

Formula One Group Stock Performance

The stock's 50 day moving average is $86.53 and its 200 day moving average is $88.81. The company has a market capitalization of $22.44 billion, a PE ratio of 78.42 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analysts' expectations of $1.37 billion. On average, equities research analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Large investors have recently modified their holdings of the company. Versant Capital Management Inc raised 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 valued at $194,000 after acquiring an additional 2,013 shares in the last quarter. Allstate Corp bought a new stake in shares of Formula One Group during the 4th quarter worth $571,000. Everence Capital Management Inc. purchased a new position in Formula One Group in the fourth quarter worth $827,000. Praxis Investment Management Inc. increased its stake in Formula One Group by 10.7% in the first quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock valued at $888,000 after acquiring an additional 950 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock valued at $2,560,000 after purchasing an additional 287 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors.

Formula One Group Company Profile

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.