Formula One Group (NASDAQ:FWONK) Trading 2.2% Higher - Time to Buy?

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) were up 2.2% on Monday . The company traded as high as $79.64 and last traded at $78.89. Approximately 217,981 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,244,564 shares. The stock had previously closed at $77.19.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. StockNews.com upgraded Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. JPMorgan Chase & Co. boosted 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 report on Thursday, March 6th. Morgan Stanley cut their price target on 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. Finally, 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. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $95.33.

Formula One Group Trading Up 3.8 %

The business has a 50 day moving average price of $88.92 and a 200-day moving average price of $88.12. The firm has a market capitalization of $20.64 billion, a PE ratio of 71.99 and a beta of 0.32.

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

Institutional Trading of Formula One Group

A number of institutional investors and hedge funds have recently bought and sold shares of FWONK. Versant Capital Management Inc grew its holdings in Formula One Group by 1,378.8% during 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 in the last quarter. Allstate Corp acquired a new stake in shares of Formula One Group during the 4th quarter valued at approximately $571,000. Everence Capital Management Inc. acquired a new position in shares of Formula One Group in the 4th quarter valued at about $827,000. Janney Montgomery Scott LLC grew its holdings in shares of Formula One Group by 1.0% during 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. Finally, Hahn Capital Management LLC lifted its stake 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 buying an additional 21,699 shares during 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.