Formula One Group (NASDAQ:FWONK) Trading 3.9% Higher - Should You Buy?

Formula One Group (NASDAQ:FWONK - Get Free Report) shares were up 3.9% on Thursday . The stock traded as high as $82.29 and last traded at $82.87. Approximately 274,425 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,245,809 shares. The stock had previously closed at $79.77.

Analyst Ratings Changes

Several research analysts have recently weighed in on FWONK shares. StockNews.com raised shares of Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Wells Fargo & Company cut their price objective 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. Morgan Stanley lowered their target price on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. lifted 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. Finally, Rosenblatt Securities restated a "buy" rating and set a $102.00 price objective on shares of Formula One Group in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $95.33.

Formula One Group Stock Up 0.5 %

The firm has a market capitalization of $20.74 billion, a P/E ratio of 72.37 and a beta of 0.32. The business's 50-day simple moving average is $88.58 and its 200 day simple moving average is $88.33.

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 company had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. Sell-side analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Institutional Investors Weigh In On Formula One Group

Several institutional investors have recently bought and sold shares of FWONK. Versant Capital Management Inc increased 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 worth $194,000 after purchasing an additional 2,013 shares during the period. Allstate Corp purchased a new stake in Formula One Group during the 4th quarter valued at $571,000. Everence Capital Management Inc. bought a new stake in Formula One Group in the 4th quarter worth $827,000. Janney Montgomery Scott LLC increased its position 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 valued at $2,560,000 after acquiring an additional 287 shares during the period. Finally, Hahn Capital Management LLC raised its stake in shares of Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock valued at $6,226,000 after acquiring an additional 21,699 shares during the last quarter. 92.26% of the stock is currently owned by hedge funds and other 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.