JPMorgan Chase & Co. Issues Positive Forecast for Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target on Liberty Media Formula One Series C (FWONK) from $111 to $124 and kept an overweight rating, implying about 27% upside from the current price.
• Analyst sentiment remains constructive overall, with the stock carrying a Moderate Buy consensus and a consensus target price of $113 after recent updates from firms including Bank of America, Wells Fargo, and UBS.
• FWONK shares fell to $97.61 in Tuesday trading, while the company also posted better-than-expected quarterly earnings of $0.03 per share and revenue of $711 million in its latest report.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) had its price objective boosted by stock analysts at JPMorgan Chase & Co. from $111.00 to $124.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 27.04% from the stock's current price.

FWONK has been the topic of a number of other research reports. Wells Fargo & Company boosted their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Wall Street Zen raised shares of Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. UBS Group reduced their price target on shares of Liberty Media Corporation - Liberty Formula One Series C from $107.00 to $104.00 and set a "neutral" rating for the company in a research report on Wednesday, April 15th. Bank of America boosted their price target on Liberty Media Corporation - Liberty Formula One Series C from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Finally, Weiss Ratings upgraded Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 1st. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.00.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

Liberty Media Corporation - Liberty Formula One Series C stock traded down $1.59 during midday trading on Tuesday, reaching $97.61. The company's stock had a trading volume of 241,182 shares, compared to its average volume of 2,073,287. Liberty Media Corporation - Liberty Formula One Series C has a fifty-two week low of $80.15 and a fifty-two week high of $109.36. The stock's 50 day simple moving average is $92.46 and its 200 day simple moving average is $89.59. The firm has a market capitalization of $21.87 billion, a PE ratio of 44.80 and a beta of 0.44.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.09. The company had revenue of $711.00 million for the quarter, compared to analysts' expectations of $683.42 million. Equities analysts predict that Liberty Media Corporation - Liberty Formula One Series C will post 1.91 earnings per share for the current year.

Insider Activity

In other Liberty Media Corporation - Liberty Formula One Series C news, Director Chase Carey sold 100,000 shares of Liberty Media Corporation - Liberty Formula One Series C stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $90.28, for a total transaction of $9,028,000.00. Following the completion of the transaction, the director owned 94,356 shares in the company, valued at approximately $8,518,459.68. The trade was a 51.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Renee L. Wilm sold 11,597 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $90.09, for a total transaction of $1,044,773.73. Following the completion of the sale, the insider directly owned 15,590 shares in the company, valued at $1,404,503.10. This trade represents a 42.66% decrease in their position. The SEC filing for this sale provides additional information.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FWONK. Zions Bancorporation National Association UT lifted its stake in Liberty Media Corporation - Liberty Formula One Series C by 172.5% in the 4th quarter. Zions Bancorporation National Association UT now owns 297 shares of the company's stock valued at $29,000 after buying an additional 188 shares in the last quarter. Allied Private Wealth LLC purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the second quarter worth $32,000. Advisory Services Network LLC acquired a new position in shares of Liberty Media Corporation - Liberty Formula One Series C in the third quarter worth $34,000. Headlands Technologies LLC acquired a new position in shares of Liberty Media Corporation - Liberty Formula One Series C in the second quarter worth $38,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C in the second quarter valued at $39,000. 92.26% of the stock is owned by hedge funds and other institutional investors.

About Liberty Media Corporation - Liberty Formula One Series C

Liberty Media Corporation - Liberty Formula One Series C NASDAQ: FWONK is a tracking stock that represents Liberty Media's economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world's largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.

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