Formula One Group (NASDAQ:FWONK) Shares Up 2.5% - Here's Why

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) shot up 2.5% during mid-day trading on Wednesday . The company traded as high as $87.06 and last traded at $86.49. 104,099 shares were traded during mid-day trading, a decline of 92% from the average session volume of 1,253,987 shares. The stock had previously closed at $84.37.

Wall Street Analyst Weigh In

FWONK has been the subject of several recent research reports. Rosenblatt Securities reiterated a "buy" rating and set a $102.00 target price on shares of Formula One Group in a research report on Friday, March 7th. Seaport Res Ptn raised Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. JPMorgan Chase & Co. lifted their price objective on shares of Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a research note on Thursday, March 6th. Morgan Stanley lowered 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 note on Friday, February 28th. Finally, Wells Fargo & Company decreased their price target on shares of 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 issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.33.

Formula One Group Trading Up 0.6 %

The stock has a market cap of $21.84 billion, a price-to-earnings ratio of 76.20 and a beta of 0.32. The company has a 50 day simple moving average of $87.21 and a 200-day simple moving average of $88.59.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its 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 business had revenue of $20.71 billion during the quarter, compared to analysts' expectations of $1.37 billion. Equities analysts forecast that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Hahn Capital Management LLC lifted its stake 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 valued at $6,226,000 after purchasing an additional 21,699 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in Formula One Group during the 4th quarter valued at $827,000. California State Teachers Retirement System raised its position in shares of Formula One Group by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 350,938 shares of the company's stock valued at $32,518,000 after purchasing an additional 6,297 shares during the period. Allstate Corp bought a new stake in shares of Formula One Group during the 4th quarter worth about $571,000. Finally, Public Employees Retirement System of Ohio lifted its position in 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 acquiring an additional 4,897 shares during the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

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.