Formula One Group (NASDAQ:FWONK) Stock Price Down 0.6% - Time to Sell?

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) were down 0.6% on Thursday . The stock traded as low as $84.32 and last traded at $86.04. Approximately 137,795 shares were traded during trading, a decline of 89% from the average daily volume of 1,255,708 shares. The stock had previously closed at $86.59.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on FWONK shares. StockNews.com upgraded Formula One Group to a "sell" rating in a research note on Tuesday, April 1st. Wells Fargo & Company cut their price target on Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. Morgan Stanley lowered their price objective on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. 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. Finally, Susquehanna assumed coverage on Formula One Group in a report on Monday. They set a "positive" rating and a $115.00 price target on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $98.14.

Formula One Group Trading Up 0.2 %

The stock has a 50-day simple moving average of $87.21 and a 200-day simple moving average of $88.67. The company has a market capitalization of $21.89 billion, a price-to-earnings ratio of 76.37 and a beta of 0.32.

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

Hedge Funds Weigh In On Formula One Group

A number of large investors have recently made changes to their positions in the business. Everence Capital Management Inc. acquired a new stake in Formula One Group in the 4th quarter worth $827,000. Janney Montgomery Scott LLC increased its position in Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after purchasing an additional 287 shares during the period. Hahn Capital Management LLC boosted its position 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 worth $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 in the 4th quarter valued at approximately $571,000. Finally, Greenwood Gearhart Inc. increased its stake 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 purchasing an additional 4,761 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company's stock.

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.