Formula One Group (NASDAQ:FWONK) Upgraded by StockNews.com to "Sell" Rating

Formula One Group (NASDAQ:FWONK - Get Free Report) was upgraded by investment analysts at StockNews.com to a "sell" rating in a note issued to investors on Monday.

A number of other equities analysts have also issued reports on the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $102.00 target price on shares of Formula One Group in a research report on Friday, March 7th. JPMorgan Chase & Co. raised their price target on Formula One Group from $96.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, March 6th. Morgan Stanley lowered their target price on Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Susquehanna assumed coverage on Formula One Group in a research report on Monday, April 28th. They issued a "positive" rating and a $115.00 price target for the company. Finally, Wells Fargo & Company cut their price target on Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $98.14.

Formula One Group Trading Down 0.2%

NASDAQ:FWONK traded down $0.19 during mid-day trading on Monday, hitting $96.71. The stock had a trading volume of 980,559 shares, compared to its average volume of 1,258,533. Formula One Group has a twelve month low of $69.87 and a twelve month high of $102.33. The stock has a 50-day simple moving average of $86.91 and a two-hundred day simple moving average of $89.81. The company has a market capitalization of $21.57 billion, a PE ratio of 84.10 and a beta of 0.33.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.18) by $0.23. The company had revenue of $447.00 million for the quarter, compared to analysts' expectations of $440.80 million. Sell-side analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Activity at Formula One Group

In other Formula One Group news, Director Chase Carey sold 50,000 shares of the stock in a transaction dated 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 completion of the sale, the director now directly owns 93,102 shares in the company, valued at $8,807,449.20. This represents a 34.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Formula One Group

Several large investors have recently modified their holdings of the business. Hahn Capital Management LLC boosted its position in shares of Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock worth $6,226,000 after buying an additional 21,699 shares during the period. Greenwood Gearhart Inc. boosted its position in shares of Formula One Group by 2.7% during the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock worth $16,764,000 after buying an additional 4,761 shares during the period. Allstate Corp acquired a new position in shares of Formula One Group during the fourth quarter worth about $571,000. Janney Montgomery Scott LLC boosted its position in shares of Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after buying an additional 287 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Formula One Group by 22.7% during the first quarter. Russell Investments Group Ltd. now owns 128,702 shares of the company's stock worth $11,570,000 after buying an additional 23,809 shares during the period. 92.26% of the stock is currently owned by institutional investors.

About Formula One Group

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.