Formula One Group (NASDAQ:FWONK) Trading 0.6% Higher - Still a Buy?

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) traded up 0.6% during trading on Tuesday . The company traded as high as $88.64 and last traded at $88.34. 158,566 shares traded hands during trading, a decline of 87% from the average session volume of 1,257,141 shares. The stock had previously closed at $87.82.

Analyst Ratings Changes

FWONK has been the topic of several analyst reports. Susquehanna started coverage on shares of Formula One Group in a research report on Monday. They issued a "positive" rating and a $115.00 target price on the stock. JPMorgan Chase & Co. raised their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, March 6th. Wells Fargo & Company dropped their price target on Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. 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. Finally, Seaport Res Ptn upgraded Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Formula One Group currently has an average rating of "Moderate Buy" and a consensus price target of $98.14.

Formula One Group Stock Performance

The firm's 50-day simple moving average is $87.00 and its two-hundred day simple moving average is $88.73. The stock has a market cap of $22.05 billion, a price-to-earnings ratio of 77.02 and a beta of 0.32.

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

Institutional Investors Weigh In On Formula One Group

Several institutional investors have recently added to or reduced their stakes in FWONK. Everence Capital Management Inc. acquired a new position in shares of Formula One Group during the fourth quarter worth about $827,000. Janney Montgomery Scott LLC raised its holdings in Formula One Group by 1.0% during 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 in the last quarter. Hahn Capital Management LLC boosted its position in 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 purchasing an additional 21,699 shares during the last quarter. Allstate Corp acquired a new position in shares of Formula One Group during the 4th quarter worth approximately $571,000. Finally, Greenwood Gearhart Inc. grew its stake in shares of 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. 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.

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