Wells Fargo & Company Lowers Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK) Price Target to $89.00

Key Points

• Wells Fargo cut its price target on Liberty Media — Formula One Series C (FWONK) from $95 to $89 and kept an equal weight rating, implying only about a 3.4% upside from the prior close.
• Despite that cut, the analyst consensus remains a Moderate Buy with an average price target of $111.11, while the stock trades near $86.06 and is ~92% institutionally owned.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) had its target price lowered by Wells Fargo & Company from $95.00 to $89.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 3.42% from the company's previous close.

Several other analysts have also recently issued reports on FWONK. Sanford C. Bernstein raised Liberty Media Corporation - Liberty Formula One Series C from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $110.00 to $111.00 in a report on Monday, January 12th. Wall Street Zen cut Liberty Media Corporation - Liberty Formula One Series C from a "hold" rating to a "sell" rating in a report on Saturday, March 28th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series C in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Liberty Media Corporation - Liberty Formula One Series C from $122.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 19th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Liberty Media Corporation - Liberty Formula One Series C presently has a consensus rating of "Moderate Buy" and an average price target of $111.11.

Liberty Media Corporation - Liberty Formula One Series C Price Performance

Shares of Liberty Media Corporation - Liberty Formula One Series C stock traded down $0.15 during trading on Tuesday, reaching $86.06. 70,172 shares of the stock traded hands, compared to its average volume of 2,087,495. The company has a market capitalization of $19.28 billion, a price-to-earnings ratio of 39.11, a P/E/G ratio of 15.51 and a beta of 0.53. The business has a fifty day simple moving average of $86.06 and a two-hundred day simple moving average of $93.37. Liberty Media Corporation - Liberty Formula One Series C has a 52-week low of $75.26 and a 52-week high of $109.36.

Institutional Trading of Liberty Media Corporation - Liberty Formula One Series C

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. raised its holdings in Liberty Media Corporation - Liberty Formula One Series C by 24.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 8,715 shares of the company's stock valued at $859,000 after buying an additional 1,700 shares during the period. Corient Private Wealth LLC raised its holdings in Liberty Media Corporation - Liberty Formula One Series C by 15.4% during the 4th quarter. Corient Private Wealth LLC now owns 27,605 shares of the company's stock valued at $2,719,000 after buying an additional 3,694 shares during the period. Mercer Global Advisors Inc. ADV raised its holdings in Liberty Media Corporation - Liberty Formula One Series C by 3.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,719 shares of the company's stock valued at $1,647,000 after buying an additional 584 shares during the period. Naya Capital Management UK Ltd. purchased a new stake in Liberty Media Corporation - Liberty Formula One Series C during the 4th quarter valued at $208,238,000. Finally, Vident Advisory LLC raised its holdings in Liberty Media Corporation - Liberty Formula One Series C by 3.0% during the 4th quarter. Vident Advisory LLC now owns 5,455 shares of the company's stock valued at $537,000 after buying an additional 161 shares during the period. 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.