Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Stock Price Expected to Rise, Sanford C. Bernstein Analyst Says

Key Points

• Sanford C. Bernstein raised its price target for Liberty Media’s Formula One Series C stock (FWONK) from $115 to $119 and maintained an “outperform” rating, implying 17.38% upside from the prior close.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with an average price target of $111.80, while JPMorgan and Bank of America recently issued more bullish targets.
• FWONK shares recently traded at $101.38, supported by quarterly results that exceeded expectations for both earnings and revenue. Institutional investors own 92.26% of the stock, though two insiders recently sold shares.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) had its price objective boosted by analysts at Sanford C. Bernstein from $115.00 to $119.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Sanford C. Bernstein's price objective would suggest a potential upside of 17.38% from the stock's previous close.

A number of other brokerages have also commented on FWONK. Weiss Ratings raised Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Wall Street Zen raised Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Bank of America increased their target price on Liberty Media Corporation - Liberty Formula One Series C from $105.00 to $115.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Wells Fargo & Company raised their target price on shares of Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Liberty Media Corporation - Liberty Formula One Series C from $111.00 to $124.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $111.80.

Liberty Media Corporation - Liberty Formula One Series C Price Performance

Shares of FWONK stock traded up $3.05 during mid-day trading on Tuesday, hitting $101.38. The company had a trading volume of 307,216 shares, compared to its average volume of 2,045,888. The stock's 50 day moving average price is $93.11 and its 200-day moving average price is $89.57. Liberty Media Corporation - Liberty Formula One Series C has a 52-week low of $80.15 and a 52-week high of $109.36. The company has a market capitalization of $22.72 billion, a P/E ratio of 46.47 and a beta of 0.44.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last announced its quarterly 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 during the quarter, compared to analysts' expectations of $683.42 million. On average, equities research analysts expect 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 the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $90.28, for a total value of $9,028,000.00. Following the completion of the sale, the director owned 94,356 shares of the company's stock, valued at $8,518,459.68. This trade represents a 51.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Renee L. Wilm sold 11,597 shares of the business's stock in a transaction that occurred on Monday, June 15th. The shares were 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. This trade represents a 42.66% decrease in their position. The disclosure for this sale is available in the SEC filing.

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

A number of large investors have recently bought and sold shares of FWONK. Invesco Ltd. increased its stake in Liberty Media Corporation - Liberty Formula One Series C by 51.0% in the second quarter. Invesco Ltd. now owns 504,313 shares of the company's stock worth $52,701,000 after purchasing an additional 170,435 shares during the period. Cresset Asset Management LLC bought a new position in shares of Liberty Media Corporation - Liberty Formula One Series C in the second quarter worth about $502,000. Daiwa Securities Group Inc. increased its stake in Liberty Media Corporation - Liberty Formula One Series C by 20.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 37,335 shares of the company's stock worth $3,902,000 after buying an additional 6,285 shares during the period. Qube Research & Technologies Ltd purchased a new position in Liberty Media Corporation - Liberty Formula One Series C in the 2nd quarter worth about $1,863,000. Finally, Squarepoint Ops LLC bought a new stake in Liberty Media Corporation - Liberty Formula One Series C during the 2nd quarter valued at about $1,255,000. Hedge funds and other institutional investors own 92.26% of the company's stock.

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.

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.