Formula One Group (NASDAQ:FWONK) Downgraded by Seaport Res Ptn to “Hold”

Seaport Res Ptn lowered shares of Formula One Group (NASDAQ:FWONK) from a strong-buy rating to a hold rating in a research note released on Wednesday morning,Zacks.com reports.

Other research analysts have also issued research reports about the company. Morgan Stanley boosted their price objective on 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. Rosenblatt Securities upped their target price on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Finally, UBS Group began coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Formula One Group presently has a consensus rating of “Hold” and an average target price of $88.25.

Formula One Group Stock Up 1.3 %

Shares of FWONK opened at $92.82 on Wednesday. The company has a market capitalization of $20.63 billion, a price-to-earnings ratio of 80.71 and a beta of 0.18. Formula One Group has a 52-week low of $61.23 and a 52-week high of $93.56. The stock has a 50 day moving average price of $81.63 and a 200 day moving average price of $77.64.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. On average, equities analysts anticipate that Formula One Group will post 1.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of the company’s 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. Over the last ninety days, insiders have sold 31,911 shares of company stock worth $2,403,701. Corporate insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

A number of institutional investors and hedge funds have recently bought and sold shares of FWONK. Greenwood Gearhart Inc. lifted its position in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after acquiring an additional 13,146 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the last quarter. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% in 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. Janney Montgomery Scott LLC lifted its stake 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 worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Hahn Capital Management LLC raised its stake in shares of Formula One Group by 33.5% during the second 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. 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.