Formula One Group (NASDAQ:FWONK) Trading 0.5% Higher - Here's What Happened

Formula One Group (NASDAQ:FWONK - Get Free Report)'s stock price shot up 0.5% on Monday . The company traded as high as $88.63 and last traded at $88.08. 209,320 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 1,258,423 shares. The stock had previously closed at $87.63.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FWONK shares. Susquehanna began coverage on shares of Formula One Group in a research report on Monday. They set a "positive" rating and a $115.00 price target for the company. Rosenblatt Securities restated a "buy" rating and issued a $102.00 price target on shares of Formula One Group in a research note on Friday, March 7th. StockNews.com upgraded Formula One Group to a "sell" rating in a research note on Tuesday, April 1st. JPMorgan Chase & Co. increased their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a research note on Thursday, March 6th. Finally, Wells Fargo & Company reduced their price target 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 given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.14.

Formula One Group Price Performance

The firm has a 50-day moving average of $86.53 and a 200 day moving average of $88.81. The company has a market capitalization of $22.78 billion, a PE ratio of 79.48 and a beta of 0.32.

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

Institutional Investors Weigh In On Formula One Group

A number of hedge funds have recently added to or reduced their stakes in FWONK. Versant Capital Management Inc boosted its holdings in shares of Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock worth $194,000 after buying an additional 2,013 shares during the last quarter. Allstate Corp bought a new position in Formula One Group in the fourth quarter worth approximately $571,000. Everence Capital Management Inc. bought a new stake in shares of Formula One Group during the 4th quarter valued at $827,000. Praxis Investment Management Inc. grew its position in shares of Formula One Group by 10.7% during the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock valued at $888,000 after acquiring an additional 950 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of Formula One Group by 1.0% in the 4th 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 in 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.