Formula One Group (NASDAQ:FWONK - Get Free Report) had its target price increased by equities researchers at Rosenblatt Securities from $102.00 to $107.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Rosenblatt Securities' price target points to a potential upside of 9.21% from the stock's current price.
A number of other research analysts have also recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Wells Fargo & Company dropped their price target on Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a research report on Friday, February 28th. Wall Street Zen downgraded Formula One Group from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Susquehanna started coverage on Formula One Group in a research report on Monday, April 28th. They set a "positive" rating and a $115.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Formula One Group from $105.00 to $108.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $100.83.
View Our Latest Stock Analysis on FWONK
Formula One Group Stock Up 0.5%
Shares of FWONK traded up $0.53 on Wednesday, reaching $97.98. The stock had a trading volume of 662,436 shares, compared to its average volume of 1,225,242. Formula One Group has a twelve month low of $70.31 and a twelve month high of $102.33. The firm has a market capitalization of $24.44 billion, a PE ratio of 85.20 and a beta of 0.33. The firm has a 50-day moving average of $89.71 and a 200 day moving average of $91.39.
Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.23. The firm had revenue of $447.00 million for the quarter, compared to analyst estimates of $440.80 million. On average, sell-side analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.
Insider Activity at Formula One Group
In related news, Director Chase Carey sold 50,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $94.60, for a total value of $4,730,000.00. Following the transaction, the director now directly owns 93,102 shares of the company's stock, valued at approximately $8,807,449.20. This trade represents a 34.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.31% of the company's stock.
Institutional Investors Weigh In On Formula One Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in FWONK. GW&K Investment Management LLC purchased a new position in shares of Formula One Group in the 1st quarter valued at $25,000. Versant Capital Management Inc raised its holdings in shares of Formula One Group by 1,378.8% during the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock valued at $194,000 after buying an additional 2,013 shares during the period. HighPoint Advisor Group LLC lifted its position in Formula One Group by 22.3% during the 1st quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company's stock worth $382,000 after acquiring an additional 779 shares in the last quarter. Allstate Corp purchased a new position in Formula One Group in the 4th quarter worth approximately $571,000. Finally, Praxis Investment Management Inc. grew its position in Formula One Group by 10.7% in the first quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock valued at $888,000 after acquiring an additional 950 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.
About Formula One Group
(
Get Free Report)
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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