Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Shares Break Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• FWONK shares broke above their 200-day moving average, reaching $92.75 and last trading at $92.61 on volume of about 2.34 million shares.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $115.50 price target, implying upside from the trading level.
• Liberty Media missed quarterly expectations, reporting $0.02 in EPS versus $0.24 expected and revenue of $934 million versus $952.78 million projected; institutional investors own 92.26% of the stock.

Shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $91.91 and traded as high as $92.75. Liberty Media Corporation - Liberty Formula One Series C shares last traded at $92.61, with a volume of 2,342,423 shares changing hands.

Wall Street Analysts Forecast Growth

FWONK has been the subject of a number of recent analyst reports. Jefferies Financial Group assumed coverage on shares of Liberty Media Corporation - Liberty Formula One Series C in a research report on Wednesday, September 9th. They set a "buy" rating and a $115.00 target price for the company. Wall Street Zen downgraded shares of Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "strong sell" rating in a research report on Sunday, October 11th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series C in a research note on Wednesday, July 29th. UBS Group upped their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $104.00 to $110.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Finally, Bank of America increased 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. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

Liberty Media Corporation - Liberty Formula One Series C Stock Up 1.9%

The stock has a market capitalization of $20.78 billion, a P/E ratio of 136.19 and a beta of 0.46. The firm's 50 day simple moving average is $95.17 and its two-hundred day simple moving average is $91.91.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.02 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. As a group, equities research analysts expect that Liberty Media Corporation - Liberty Formula One Series C will post 2.00 earnings per share for the current year.

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

A number of large investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its position in Liberty Media Corporation - Liberty Formula One Series C by 2.9% in the 1st quarter. Janus Henderson Group PLC now owns 10,883,212 shares of the company's stock valued at $925,299,000 after buying an additional 302,191 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Liberty Media Corporation - Liberty Formula One Series C by 13.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,311,086 shares of the company's stock worth $505,297,000 after acquiring an additional 645,996 shares during the last quarter. Bank of America Corp DE boosted its holdings in Liberty Media Corporation - Liberty Formula One Series C by 43.2% during the 1st quarter. Bank of America Corp DE now owns 4,561,809 shares of the company's stock worth $387,845,000 after acquiring an additional 1,376,984 shares during the last quarter. Junto Capital Management LP grew its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 178.1% in the 2nd quarter. Junto Capital Management LP now owns 1,707,281 shares of the company's stock worth $162,431,000 after acquiring an additional 1,093,372 shares in the last quarter. Finally, Hawk Ridge Capital Management LP grew its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 38.9% in the 1st quarter. Hawk Ridge Capital Management LP now owns 1,849,660 shares of the company's stock worth $157,258,000 after acquiring an additional 518,300 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors.

Liberty Media Corporation - Liberty Formula One Series C Company Profile

Liberty Media Corporation's Liberty Formula One Series C tracking stock represents an economic interest in the company's Formula One Group. The group is centered on Formula 1, the global motorsport championship that organizes and promotes Grand Prix racing, manages commercial rights, and coordinates the sport's international media, sponsorship, hospitality and licensing activities.

Formula 1 serves a worldwide audience through its race calendar, broadcast and digital content, live-event experiences, sponsorship programs and official merchandise.

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