Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Given New $110.00 Price Target at UBS Group

Key Points

• UBS raised its price target for Liberty Media Formula One Series C from $104 to $110 while maintaining a “neutral” rating, implying 6.95% upside from the prior close. The analyst consensus is “Moderate Buy,” with an average target of $116.50.
• FWONK shares rose to $102.85, near the upper end of their 12-month range, but the company’s latest quarterly results fell short of expectations: EPS was $0.02 versus $0.24 expected, while revenue totaled $934 million versus a $952.78 million consensus estimate.
• Institutional investors own 92.26% of the stock, while recent insider activity included significant share sales by Director Chase Carey and insider Renee L. Wilm.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) had its target price raised by equities researchers at UBS Group from $104.00 to $110.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. UBS Group's target price suggests a potential upside of 6.95% from the company's previous close.

A number of other research analysts also recently issued reports on FWONK. Weiss Ratings restated a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series C in a research note on Wednesday, July 29th. Sanford C. Bernstein boosted their price target on shares of Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $119.00 and gave the stock an "outperform" rating in a report on Tuesday, July 28th. Guggenheim increased their price target on shares of Liberty Media Corporation - Liberty Formula One Series C from $124.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Wells Fargo & Company raised their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, Bank of America lifted their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $105.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $116.50.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

Shares of Liberty Media Corporation - Liberty Formula One Series C stock traded up $3.16 during mid-day trading on Friday, hitting $102.85. 2,170,043 shares of the stock were exchanged, compared to its average volume of 2,072,947. Liberty Media Corporation - Liberty Formula One Series C has a 12 month low of $80.15 and a 12 month high of $109.36. The company has a 50-day simple moving average of $94.78 and a 200 day simple moving average of $90.13. The company has a market capitalization of $23.05 billion, a P/E ratio of 47.18 and a beta of 0.43.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.22). The firm had revenue of $934.00 million during the quarter, compared to the consensus estimate of $952.78 million. Analysts predict that Liberty Media Corporation - Liberty Formula One Series C will post 1.93 EPS for the current year.

Insiders Place Their Bets

In other news, Director Chase Carey sold 100,000 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $90.28, for a total transaction of $9,028,000.00. Following the transaction, the director owned 94,356 shares of the company's stock, valued at $8,518,459.68. This represents a 51.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Renee L. Wilm sold 11,597 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $90.09, for a total value of $1,044,773.73. Following the transaction, the insider owned 15,590 shares of the company's stock, valued at $1,404,503.10. The trade was a 42.66% decrease in their position. The SEC filing for this sale provides additional information. 4.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Liberty Media Corporation - Liberty Formula One Series C

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FWONK. Zions Bancorporation National Association UT lifted its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 172.5% during 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 in the 2nd quarter valued at approximately $32,000. Advisory Services Network LLC bought a new stake in Liberty Media Corporation - Liberty Formula One Series C during the 3rd quarter valued at $34,000. Headlands Technologies LLC bought a new stake in Liberty Media Corporation - Liberty Formula One Series C during the 2nd quarter valued at $38,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the second quarter worth $39,000. Institutional investors own 92.26% of the company's stock.

Liberty Media Corporation - Liberty Formula One Series C Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source