Formula One Group (NASDAQ:FWONK) Trading Up 0.4% - What's Next?

Formula One Group (NASDAQ:FWONK - Get Free Report)'s share price shot up 0.4% on Tuesday . The stock traded as high as $84.22 and last traded at $83.57. 171,928 shares changed hands during trading, a decline of 86% from the average session volume of 1,252,891 shares. The stock had previously closed at $83.22.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price 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. Morgan Stanley cut their price objective on 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. Seaport Res Ptn raised Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. StockNews.com raised Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Finally, Wells Fargo & Company decreased their price objective on shares of 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 given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Formula One Group has an average rating of "Moderate Buy" and an average target price of $95.33.

Formula One Group Trading Up 0.6 %

The firm has a 50-day simple moving average of $87.21 and a two-hundred day simple moving average of $88.51. The stock has a market cap of $21.84 billion, a P/E ratio of 76.20 and a beta of 0.32.

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

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its holdings 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 worth $2,560,000 after acquiring an additional 287 shares during the last quarter. Praxis Investment Management Inc. increased its position in Formula One Group by 10.7% during the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock worth $888,000 after purchasing an additional 950 shares in the last quarter. Versant Capital Management Inc lifted its stake in 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 purchasing an additional 2,013 shares during the last quarter. Greenwood Gearhart Inc. boosted its position in Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock valued at $16,764,000 after buying an additional 4,761 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Formula One Group by 1.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company's stock worth $37,529,000 after buying an additional 4,897 shares during the last quarter. 92.26% of the stock is owned by institutional investors.

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.