Formula One Group (NASDAQ:FWONK) Sees Large Growth in Short Interest

Formula One Group (NASDAQ:FWONK - Get Free Report) was the target of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 6,670,000 shares, a growth of 22.8% from the March 15th total of 5,430,000 shares. Currently, 2.8% of the shares of the company are sold short. Based on an average trading volume of 1,360,000 shares, the days-to-cover ratio is currently 4.9 days.

Wall Street Analysts Forecast Growth

FWONK has been the subject of a number of recent analyst reports. Morgan Stanley decreased their target price on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Wells Fargo & Company reduced their target price on Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a report on Friday, February 28th. StockNews.com raised Formula One Group to a "sell" rating in a research note on Tuesday, April 1st. JPMorgan Chase & Co. upped their price objective on shares of Formula One Group from $96.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, March 6th. Finally, Seaport Res Ptn raised Formula One Group from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 16th. Two 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $95.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FWONK. Everence Capital Management Inc. acquired a new position in shares of Formula One Group during the fourth quarter valued at $827,000. Janney Montgomery Scott LLC lifted its position in Formula One Group by 1.0% during the 4th 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 period. Hahn Capital Management LLC boosted its stake in shares of Formula One Group by 47.7% in the 4th 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 last quarter. Allstate Corp acquired a new stake in shares of Formula One Group during the 4th quarter worth approximately $571,000. Finally, Greenwood Gearhart Inc. raised its stake in shares of Formula One Group by 2.7% during the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock worth $16,764,000 after buying an additional 4,761 shares during the last quarter. Institutional investors and hedge funds own 92.26% of the company's stock.

Formula One Group Stock Performance

Shares of FWONK traded down $1.06 during trading hours on Thursday, reaching $85.54. 68,482 shares of the company traded hands, compared to its average volume of 1,255,492. The stock's fifty day moving average is $87.63 and its 200 day moving average is $88.33. Formula One Group has a 1-year low of $68.18 and a 1-year high of $102.33. The stock has a market cap of $21.32 billion, a P/E ratio of 74.49 and a beta of 0.32.

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

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.