Formula One Group (NASDAQ:FWONK) Receives $98.00 Average Price Target from Analysts

Shares of Formula One Group (NASDAQ:FWONK) have earned a consensus rating of “Moderate Buy” from the five research firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $98.00.

A number of equities research analysts have recently weighed in on FWONK shares. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities raised their price target on Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. 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 target for the company. Finally, Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th.

Formula One Group Trading Up 1.6 %

Shares of NASDAQ FWONK opened at $95.25 on Friday. Formula One Group has a one year low of $64.37 and a one year high of $96.89. The firm has a market capitalization of $23.69 billion, a PE ratio of 82.83 and a beta of 0.11. The business has a 50-day moving average price of $91.81 and a two-hundred day moving average price of $83.13.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. Research analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Insider Activity at Formula One Group

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 4.31% of the stock is owned by company insiders.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lountzis Asset Management LLC grew its holdings in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares in the last quarter. MetLife Investment Management LLC grew 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 purchasing an additional 203 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the 4th quarter worth approximately $827,000. Janney Montgomery Scott LLC grew its holdings in shares of 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 purchasing an additional 3,958 shares in the last quarter. Finally, Greenwood Gearhart Inc. boosted its stake 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 buying an additional 13,146 shares in the last quarter. Institutional investors and hedge funds 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.