Formula One Group (NASDAQ:FWONK) Stock Price Down 5.2% - Here's What Happened

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) were down 5.2% on Thursday . The company traded as low as $85.03 and last traded at $85.41. Approximately 335,090 shares were traded during trading, a decline of 73% from the average daily volume of 1,219,426 shares. The stock had previously closed at $90.05.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FWONK. 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. Rosenblatt Securities reiterated a "buy" rating and set a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. StockNews.com raised Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Seaport Res Ptn raised Formula One Group from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 16th. Finally, Morgan Stanley dropped their price target on Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Formula One Group has an average rating of "Moderate Buy" and an average target price of $95.33.

Formula One Group Trading Down 1.8 %

The firm has a 50-day simple moving average of $92.57 and a two-hundred day simple moving average of $88.18. The company has a market capitalization of $19.71 billion, a price-to-earnings ratio of 68.76 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its 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. Equities research analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Formula One Group

Several large investors have recently made changes to their positions in FWONK. Hahn Capital Management LLC grew its holdings in Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock valued at $6,226,000 after purchasing an additional 21,699 shares during the period. Greenwood Gearhart Inc. increased its holdings in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock worth $13,640,000 after acquiring an additional 13,146 shares in the last quarter. Everence Capital Management Inc. acquired a new position in Formula One Group during the fourth quarter worth $827,000. California State Teachers Retirement System lifted its holdings in Formula One Group by 1.8% during the fourth quarter. California State Teachers Retirement System now owns 350,938 shares of the company's stock valued at $32,518,000 after purchasing an additional 6,297 shares in the last quarter. Finally, Allstate Corp purchased a new position in Formula One Group during the fourth quarter valued at $571,000. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.