Formula One Group Target of Unusually High Options Trading (NASDAQ:FWONK)

Formula One Group (NASDAQ:FWONK) was the recipient of some unusual options trading activity on Monday. Stock traders acquired 4,003 call options on the company. This represents an increase of 1,554% compared to the typical daily volume of 242 call options.

Analyst Ratings Changes

Several brokerages recently weighed in on FWONK. Morgan Stanley decreased their price objective on Formula One Group from $83.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Evercore ISI upped their price target on shares of Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, June 4th. Finally, StockNews.com raised shares of Formula One Group to a “sell” rating in a report on Saturday, August 24th.

Formula One Group Stock Up 3.7 %

Shares of FWONK stock traded up $2.81 during trading on Monday, hitting $78.20. The company had a trading volume of 473,282 shares, compared to its average volume of 1,194,258. The stock’s 50-day moving average is $77.29 and its two-hundred day moving average is $72.84. The stock has a market capitalization of $16.41 billion and a price-to-earnings ratio of 55.03. Formula One Group has a 52 week low of $60.95 and a 52 week high of $82.23.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The company had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. On average, research analysts predict that Formula One Group will post 0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Janney Montgomery Scott LLC purchased a new stake in Formula One Group during the 4th quarter valued at about $1,167,000. Hahn Capital Management LLC grew its holdings in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA purchased a new position in shares of Formula One Group in the second quarter worth $48,000. Institutional investors own 92.26% of the company’s stock.

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.