Formula One Group (NASDAQ:FWONK) Stock Rating Upgraded by Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Formula One Group (NASDAQ:FWONK - Free Report) to a hold rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

A number of other equities analysts have also weighed in on the stock. Rosenblatt Securities lifted their price target on shares of Formula One Group from $102.00 to $107.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Wall Street Zen cut Formula One Group from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Wells Fargo & Company decreased their target price 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. JPMorgan Chase & Co. lifted their target price on shares of Formula One Group from $105.00 to $108.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Finally, Susquehanna started coverage on shares of Formula One Group in a report on Monday, April 28th. They set a "positive" rating and a $115.00 target price on the stock. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $100.83.

Formula One Group Stock Performance

NASDAQ:FWONK traded down $1.30 during mid-day trading on Wednesday, reaching $97.68. The stock had a trading volume of 775,306 shares, compared to its average volume of 1,224,094. Formula One Group has a twelve month low of $70.31 and a twelve month high of $102.33. The business has a 50 day simple moving average of $90.07 and a 200 day simple moving average of $91.70. The firm has a market capitalization of $24.37 billion, a price-to-earnings ratio of 84.94 and a beta of 0.42.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.23. The business had revenue of $447.00 million during the quarter, compared to analyst estimates of $440.80 million. As a group, sell-side analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Insider Transactions at Formula One Group

In related news, Director Chase Carey sold 50,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $94.60, for a total transaction of $4,730,000.00. Following the completion of the transaction, the director now directly owns 93,102 shares in the company, valued at $8,807,449.20. This represents a 34.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.31% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Strs Ohio acquired a new stake in shares of Formula One Group during the 1st quarter valued at $2,370,000. Russell Investments Group Ltd. boosted its stake in shares of Formula One Group by 22.7% during the 1st quarter. Russell Investments Group Ltd. now owns 128,702 shares of the company's stock valued at $11,570,000 after buying an additional 23,809 shares during the period. Hahn Capital Management LLC lifted its stake in shares of 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. California State Teachers Retirement System lifted its stake in shares of Formula One Group by 1.8% in the 4th 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 last quarter. Finally, Allstate Corp acquired a new stake in shares of Formula One Group in the 4th quarter valued at $571,000. Institutional investors and hedge funds 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.