Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Price Target Cut to $86.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced the price target for Liberty Media Corporation - Liberty Formula One Series C from $87.00 to $86.00, indicating a potential downside of 10.64% from the current stock price.
• Analyst ratings are mixed, with two analysts issuing sell ratings, three giving hold ratings, and six providing buy ratings, resulting in a consensus rating of "Moderate Buy."
• Insider activity includes Director Chase Carey selling 50,000 shares of the company, reflecting a significant decrease in their stake by 34.94%.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) had its price target dropped by equities researchers at Wells Fargo & Company from $87.00 to $86.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "underweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential downside of 10.64% from the company's current price.

A number of other research analysts have also issued reports on FWONK. 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 Wednesday, May 21st. Rosenblatt Securities upped their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $102.00 to $107.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Sanford C. Bernstein upgraded shares of Liberty Media Corporation - Liberty Formula One Series C to a "hold" rating in a research report on Wednesday, June 4th. Bank of America assumed coverage on Liberty Media Corporation - Liberty Formula One Series C in a report on Monday. They issued a "neutral" rating and a $110.00 price target for the company. Finally, Guggenheim increased their price target on Liberty Media Corporation - Liberty Formula One Series C from $104.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Liberty Media Corporation - Liberty Formula One Series C presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.44.

Liberty Media Corporation - Liberty Formula One Series C Price Performance

Shares of FWONK stock traded down $0.86 during midday trading on Friday, reaching $96.24. 705,305 shares of the company traded hands, compared to its average volume of 1,188,950. The firm's 50 day simple moving average is $101.13 and its two-hundred day simple moving average is $94.53. Liberty Media Corporation - Liberty Formula One Series C has a 1-year low of $72.69 and a 1-year high of $106.26. The firm has a market cap of $24.01 billion, a PE ratio of -241.18 and a beta of 0.46.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.23. The firm had revenue of $447.00 million during the quarter, compared to analysts' expectations of $440.80 million. As a group, research analysts anticipate that Liberty Media Corporation - Liberty Formula One Series C will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at Liberty Media Corporation - Liberty Formula One Series C

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 directly owned 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. 4.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. TD Asset Management Inc increased its position in shares of Liberty Media Corporation - Liberty Formula One Series C by 15.8% during the 2nd quarter. TD Asset Management Inc now owns 1,103,812 shares of the company's stock valued at $115,348,000 after purchasing an additional 150,295 shares during the period. Geode Capital Management LLC boosted its stake in Liberty Media Corporation - Liberty Formula One Series C by 3.4% during the second quarter. Geode Capital Management LLC now owns 3,846,280 shares of the company's stock valued at $400,694,000 after buying an additional 126,501 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Liberty Media Corporation - Liberty Formula One Series C by 23.1% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 194,350 shares of the company's stock worth $20,310,000 after acquiring an additional 36,453 shares during the period. Strs Ohio bought a new stake in Liberty Media Corporation - Liberty Formula One Series C in the first quarter worth about $2,370,000. Finally, Russell Investments Group Ltd. lifted its holdings in Liberty Media Corporation - Liberty Formula One Series C by 22.7% in the 1st quarter. Russell Investments Group Ltd. now owns 128,702 shares of the company's stock valued at $11,570,000 after acquiring an additional 23,809 shares during the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

Liberty Media Corporation - Liberty Formula One Series C Company Profile

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.

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