Formula One Group (NASDAQ:FWONK - Get Free Report) was upgraded by StockNews.com to a "sell" rating in a research report issued to clients and investors on Monday.
A number of other brokerages have also commented on FWONK. Seaport Res Ptn upgraded Formula One Group from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 16th. JPMorgan Chase & Co. increased their price target on Formula One Group from $96.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, March 6th. Wells Fargo & Company cut their price target on Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a research note on Friday, February 28th. Morgan Stanley cut their price target on Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $102.00 price target on shares of Formula One Group in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Formula One Group presently has a consensus rating of "Moderate Buy" and an average price target of $98.14.
Read Our Latest Stock Analysis on Formula One Group
Formula One Group Stock Performance
Formula One Group stock remained flat at $96.71 during trading hours on Monday. The company's stock had a trading volume of 813,054 shares, compared to its average volume of 1,254,288. The company's fifty day simple moving average is $87.14 and its 200-day simple moving average is $89.92. The stock has a market cap of $21.57 billion, a P/E ratio of 84.10 and a beta of 0.33. Formula One Group has a 12-month low of $70.31 and a 12-month high of $102.33.
Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.23. The company had revenue of $447.00 million during the quarter, compared to the consensus estimate of $440.80 million. On average, equities analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Chase Carey sold 50,000 shares of the firm'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 sale, the director now 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 this link. 4.31% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Formula One Group
Large investors have recently added to or reduced their stakes in the company. Hahn Capital Management LLC grew its holdings in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock valued at $6,226,000 after acquiring an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. grew its holdings in shares of Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock valued at $16,764,000 after acquiring an additional 4,761 shares in the last quarter. Allstate Corp bought a new position in shares of Formula One Group in the 4th quarter valued at about $571,000. Janney Montgomery Scott LLC grew its holdings in shares of Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock valued at $2,560,000 after acquiring an additional 287 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Formula One Group 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 in the last quarter. Institutional investors own 92.26% of the company's stock.
Formula One Group Company Profile
(
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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