Formula One Group (NASDAQ:FWONK) Sees Large Growth in Short Interest

Formula One Group (NASDAQ:FWONK) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 4,670,000 shares, a growth of 16.2% from the September 15th total of 4,020,000 shares. Based on an average daily volume of 1,160,000 shares, the short-interest ratio is currently 4.0 days.

Formula One Group Stock Performance

FWONK traded down $0.21 during trading on Wednesday, reaching $79.69. 775,599 shares of the company’s stock were exchanged, compared to its average volume of 1,176,870. The company’s fifty day moving average price is $77.04 and its 200-day moving average price is $74.09. The firm has a market capitalization of $18.73 billion, a PE ratio of 58.17 and a beta of 0.04. Formula One Group has a fifty-two week low of $61.23 and a fifty-two week high of $82.23.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The business had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $960.45 million. Research analysts forecast that Formula One Group will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,817 shares of company stock valued at $2,327,591. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hahn Capital Management LLC boosted its stake in Formula One Group by 33.5% in the 2nd 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 period. Janney Montgomery Scott LLC lifted its holdings in shares of Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after purchasing an additional 2,514 shares in the last quarter. Finally, Beach Investment Counsel Inc. PA acquired a new position in shares of Formula One Group during the second quarter worth about $48,000. 92.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FWONK. Morgan Stanley boosted their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. StockNews.com raised Formula One Group to a “sell” rating in a report on Saturday.

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.