Formula One Group (NASDAQ:FWONK) Receives $95.75 Consensus Price Target from Analysts

Shares of Formula One Group (NASDAQ:FWONK) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $95.75.

A number of research firms have commented on FWONK. UBS Group assumed coverage on shares of Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price on the stock. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th. Rosenblatt Securities lifted their target price on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th.

Formula One Group Stock Performance

FWONK opened at $92.08 on Monday. The stock has a market capitalization of $22.90 billion, a PE ratio of 80.07 and a beta of 0.11. Formula One Group has a one year low of $61.44 and a one year high of $96.89. The business’s 50 day moving average price is $88.17 and its 200 day moving average price is $80.79.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. As a group, equities research analysts forecast that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWONK. Hahn Capital Management LLC lifted its holdings in Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after acquiring an additional 3,958 shares in the last quarter. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares in the last quarter. Finally, Greenwood Gearhart Inc. boosted its holdings in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares in the last quarter. Institutional investors and hedge funds 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.