Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Given New $97.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on Liberty Formula One Series C (FWONK) to $97 from $89 and maintained an "equal weight" rating, implying roughly a 2.3% upside from the prior close.
• Liberty F1 beat estimates for the quarter with $0.03 EPS (vs. -$0.06 expected) and $711M revenue (vs. $683M expected), and the stock traded up about 1.4% to $94.82 following the results.
• Significant institutional interest: investors including Berkshire Hathaway and Norges Bank added large stakes, institutions own about 92.26% of the stock, and analysts' consensus is a "Moderate Buy" with an average price target of $111.67.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) had its target price upped by investment analysts at Wells Fargo & Company from $89.00 to $97.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 2.30% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Liberty Media Corporation - Liberty Formula One Series C from $122.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 19th. UBS Group dropped their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $107.00 to $104.00 and set a "neutral" rating on the stock in a report on Wednesday, April 15th. Wall Street Zen lowered shares of Liberty Media Corporation - Liberty Formula One Series C from a "hold" rating to a "sell" rating in a report on Saturday, March 28th. Sanford C. Bernstein upgraded shares of Liberty Media Corporation - Liberty Formula One Series C from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $110.00 to $111.00 in a report on Monday, January 12th. Finally, Weiss Ratings upgraded shares of 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. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $111.67.

Liberty Media Corporation - Liberty Formula One Series C Trading Up 1.4%

FWONK stock traded up $1.34 during midday trading on Friday, hitting $94.82. The stock had a trading volume of 470,326 shares, compared to its average volume of 2,068,665. The firm has a market cap of $21.25 billion, a P/E ratio of 43.08, a price-to-earnings-growth ratio of 16.07 and a beta of 0.44. Liberty Media Corporation - Liberty Formula One Series C has a 1-year low of $80.15 and a 1-year high of $109.36. The business has a fifty day moving average price of $86.78 and a two-hundred day moving average price of $91.09.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.09. The firm had revenue of $711.00 million during the quarter, compared to analyst estimates of $683.42 million. On average, equities analysts anticipate that Liberty Media Corporation - Liberty Formula One Series C will post 1.69 EPS for the current year.

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

Several institutional investors have recently made changes to their positions in FWONK. Silver Point Capital L.P. bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the fourth quarter worth about $302,000. Berkshire Hathaway Inc bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the fourth quarter worth about $297,358,000. Naya Capital Management UK Ltd. bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the fourth quarter worth about $208,238,000. Norges Bank bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the fourth quarter worth about $195,762,000. Finally, Cantillon Capital Management LLC bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the third quarter worth about $121,803,000. Institutional investors and hedge funds 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.

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