Formula One Group (NASDAQ:FWONK) Receives Average Recommendation of “Hold” from Brokerages

Formula One Group (NASDAQ:FWONK) has received an average rating of “Hold” from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $88.25.

Several research firms have commented on FWONK. Rosenblatt Securities upped their price objective 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. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. UBS Group assumed coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock. Finally, Morgan Stanley upped their target price 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.

Insider Buying and Selling at Formula One Group

In other news, CAO Brian J. Wendling sold 1,094 shares of the business’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 value of $76,109.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders have sold a total of 31,911 shares of company stock valued at $2,403,701 in the last 90 days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FWONK. Lountzis Asset Management LLC raised its holdings in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during the last quarter. MetLife Investment Management LLC raised its position in Formula One Group by 3.0% during the 3rd 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 during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after buying an additional 3,958 shares during the period. Hahn Capital Management LLC grew its position in shares of 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 buying an additional 17,219 shares during the last quarter. Finally, Greenwood Gearhart Inc. grew its position in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after buying an additional 13,146 shares during the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Up 3.6 %

Formula One Group stock opened at $93.76 on Thursday. The firm has a 50 day moving average price of $82.84 and a 200-day moving average price of $78.26. Formula One Group has a twelve month low of $61.44 and a twelve month high of $94.84. The company has a market capitalization of $20.84 billion, a P/E ratio of 81.53 and a beta of 0.17.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. Equities analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

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.