StockNews.com Upgrades Formula One Group (NASDAQ:FWONK) to “Sell”

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a report published on Friday.

Other equities analysts have also recently issued research reports about the company. Rosenblatt Securities boosted their price objective on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday. UBS Group initiated coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. Finally, Morgan Stanley lifted their target price on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Formula One Group presently has an average rating of “Hold” and an average target price of $88.25.

Formula One Group Trading Up 1.1 %

NASDAQ FWONK traded up $0.91 on Friday, hitting $81.45. 1,353,317 shares of the company’s stock traded hands, compared to its average volume of 822,672. The firm has a market capitalization of $17.09 billion, a PE ratio of 76.84 and a beta of 0.01. Formula One Group has a 1-year low of $61.23 and a 1-year high of $85.60. The firm’s 50-day moving average price is $78.21 and its two-hundred day moving average price is $75.59.

Formula One Group (NASDAQ:FWONK) last posted 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 company had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. On average, research analysts anticipate that Formula One Group will post 1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,817 shares of company stock worth $2,327,591. 4.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Formula One Group

Large investors have recently modified their holdings of the business. Beach Investment Counsel Inc. PA acquired a new stake in shares of Formula One Group in the second quarter valued at approximately $48,000. Lountzis Asset Management LLC grew its holdings in Formula One Group by 17.0% in 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 in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Formula One Group by 13.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after acquiring an additional 2,514 shares during the last quarter. Finally, Hahn Capital Management LLC raised its holdings in shares of 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 acquiring an additional 17,219 shares during the period. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Company Profile

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.