Formula One Group (NASDAQ:FWONK) Trading 3.8% Higher - What's Next?

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) traded up 3.8% on Friday . The stock traded as high as $83.60 and last traded at $82.79. 1,238,805 shares changed hands during trading, a decline of 1% from the average session volume of 1,251,488 shares. The stock had previously closed at $79.77.

Analyst Ratings Changes

Several research firms have recently weighed in on FWONK. Rosenblatt Securities restated a "buy" rating and set a $102.00 price objective on shares of Formula One Group in a research report on Friday, March 7th. JPMorgan Chase & Co. increased their price objective on Formula One Group from $96.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, March 6th. StockNews.com upgraded Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Morgan Stanley reduced their target price on Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Finally, Wells Fargo & Company cut their price objective on Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $95.33.

Formula One Group Price Performance

The firm has a market capitalization of $21.03 billion, a price-to-earnings ratio of 73.37 and a beta of 0.32. The firm's fifty day moving average is $88.23 and its 200 day moving average is $88.37.

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 the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion for the quarter, compared to analyst estimates of $1.37 billion. 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

Hedge funds have recently added to or reduced their stakes in the company. Everence Capital Management Inc. bought a new position in shares of Formula One Group in the 4th quarter valued at approximately $827,000. Hahn Capital Management LLC raised its holdings in Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock worth $6,226,000 after acquiring an additional 21,699 shares during the period. Greenwood Gearhart Inc. lifted its position in Formula One Group by 2.7% during the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock worth $16,764,000 after acquiring an additional 4,761 shares during the last quarter. Allstate Corp bought a new stake in Formula One Group during the fourth quarter valued at about $571,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Formula One Group by 1.0% in 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 during the last quarter. Institutional investors and hedge funds 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.