Formula One Group (NASDAQ:FWONK) Shares Up 1.1% - What's Next?

Formula One Group (NASDAQ:FWONK - Get Free Report)'s share price rose 1.1% during mid-day trading on Thursday . The stock traded as high as $89.91 and last traded at $89.61. Approximately 283,291 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,261,665 shares. The stock had previously closed at $88.67.

Wall Street Analyst Weigh In

FWONK has been the subject of a number of analyst reports. Susquehanna assumed coverage on shares of Formula One Group in a report on Monday, April 28th. They set a "positive" rating and a $115.00 price objective for the company. Seaport Res Ptn raised Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. Rosenblatt Securities reissued a "buy" rating and issued a $102.00 target price on shares of Formula One Group in a report on Friday, March 7th. Morgan Stanley cut their target price on Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Finally, StockNews.com upgraded Formula One Group to a "sell" rating in a research report on Friday. Two analysts have rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the 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 Up 1.6 %

The company has a market cap of $22.78 billion, a P/E ratio of 79.48 and a beta of 0.33. The firm has a fifty day moving average price of $86.47 and a 200 day moving average price of $88.95.

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

Institutional Investors Weigh In On Formula One Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc grew its stake in shares of Formula One Group by 1,378.8% during the first 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 bought a new stake in shares of Formula One Group in the 4th quarter valued at about $571,000. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the 4th quarter valued at approximately $827,000. Praxis Investment Management Inc. boosted its stake in Formula One Group by 10.7% during the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock worth $888,000 after acquiring an additional 950 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew 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 valued at $2,560,000 after purchasing an additional 287 shares during the period. Institutional investors own 92.26% of the company's stock.

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.