Rosenblatt Securities Issues Positive Forecast for Formula One Group (NASDAQ:FWONK) Stock Price

Formula One Group (NASDAQ:FWONK) had its target price raised by analysts at Rosenblatt Securities from $91.00 to $93.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ target price indicates a potential upside of 14.18% from the company’s current price.

A number of other research analysts have also recently issued reports on FWONK. Morgan Stanley raised their price target 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. UBS Group began coverage on Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective for the company. Finally, StockNews.com upgraded Formula One Group to a “sell” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Formula One Group presently has a consensus rating of “Hold” and an average price target of $88.25.

Formula One Group Trading Up 1.1 %

Shares of FWONK traded up $0.91 on Friday, reaching $81.45. 1,353,317 shares of the company’s stock traded hands, compared to its average volume of 822,672. The stock’s 50 day simple moving average is $78.21 and its two-hundred day simple moving average is $75.63. Formula One Group has a 52-week low of $61.23 and a 52-week high of $85.60. The stock has a market cap of $17.09 billion, a PE ratio of 76.84 and a beta of 0.01.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $853.00 million during the quarter, compared to the consensus estimate of $960.45 million. Analysts forecast that Formula One Group will post 1.01 earnings per share for the current year.

Insider Activity at Formula One Group

In other news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the transaction, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction dated Friday, September 20th. The stock was 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. In the last three months, insiders sold 30,817 shares of company stock worth $2,327,591. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FWONK. Lountzis Asset Management LLC raised its position in shares of 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 acquiring an additional 864 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 16.9% during the third 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 during the period. Hahn Capital Management LLC increased its stake 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 purchasing an additional 17,219 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group in the second quarter valued at approximately $48,000. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.