Formula One Group (NASDAQ:FWONK) Sets New 1-Year High – Still a Buy?

Shares of Formula One Group (NASDAQ:FWONK) hit a new 52-week high during trading on Wednesday . The stock traded as high as $96.90 and last traded at $96.81, with a volume of 49411 shares changing hands. The stock had previously closed at $94.90.

Wall Street Analyst Weigh In

FWONK has been the subject of several research reports. Rosenblatt Securities boosted their price target on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $95.00 to $115.00 in a research note on Wednesday. UBS Group began coverage on Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective for the company. Finally, StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.75.

Formula One Group Stock Performance

The firm has a market capitalization of $21.04 billion, a price-to-earnings ratio of 82.31 and a beta of 0.18. The company has a 50-day moving average price of $85.05 and a 200-day moving average price of $79.13.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. On average, research analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction dated 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 $250,040.34. This trade represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,161 shares of company stock valued at $2,688,824. 4.31% of the stock is owned by insiders.

Institutional Trading of Formula One Group

Institutional investors have recently modified their holdings of the company. Greenwood Gearhart Inc. raised its position in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares during the period. 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 valued at $4,929,000 after buying an additional 17,219 shares during the period. Janney Montgomery Scott LLC lifted its position in Formula One Group by 16.9% during the 3rd 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 in the last quarter. MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% in 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 period. Finally, Lountzis Asset Management LLC grew its position 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 valued at $461,000 after acquiring an additional 864 shares in the last quarter. 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.