MAI Capital Management Decreases Holdings in Formula One Group (NASDAQ:FWONK)

MAI Capital Management lowered its position in Formula One Group (NASDAQ:FWONK) by 13.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,645 shares of the company’s stock after selling 20,614 shares during the quarter. MAI Capital Management’s holdings in Formula One Group were worth $10,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of FWONK. Hahn Capital Management LLC lifted its stake 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 valued at $4,929,000 after acquiring an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC boosted its stake 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 valued at $461,000 after purchasing an additional 864 shares during the period. Finally, Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group in the second quarter worth approximately $48,000. 92.26% of the stock is currently owned by institutional investors.

Insider Transactions at Formula One Group

In other 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 value of $76,045.64. Following the sale, the director now directly owns 5,274 shares of the company’s stock, valued at $250,040.34. The trade was a 23.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock valued at $2,327,591 in the last three months. 4.31% of the stock is currently owned by company insiders.

Formula One Group Price Performance

FWONK stock opened at $80.47 on Tuesday. Formula One Group has a 1 year low of $61.23 and a 1 year high of $86.65. The firm has a 50-day moving average of $78.79 and a 200 day moving average of $76.14. The company has a market cap of $17.89 billion, a P/E ratio of 69.97 and a beta of 0.01.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results 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. On average, equities research analysts expect that Formula One Group will post 1.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. UBS Group started coverage on Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price on the stock. Rosenblatt Securities upped their price target on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Monday. 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 company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $88.25.

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.