Morgan Stanley Lowers Formula One Group (NASDAQ:FWONK) Price Target to $110.00

Formula One Group (NASDAQ:FWONK) had its price target lowered by analysts at Morgan Stanley from $115.00 to $110.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 14.07% from the company’s current price.

Several other brokerages have also recently issued reports on FWONK. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities restated a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a research note on Wednesday. Finally, Wells Fargo & Company reduced their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $93.40.

Formula One Group Stock Performance

Formula One Group stock opened at $96.43 on Friday. The stock has a 50-day moving average of $94.80 and a two-hundred day moving average of $86.12. Formula One Group has a one year low of $64.37 and a one year high of $102.33. The stock has a market cap of $23.98 billion, a PE ratio of 83.85 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $1.37 billion. As a group, sell-side analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.31% of the stock is owned by corporate insiders.

Institutional Trading of Formula One Group

Several institutional investors have recently bought and sold shares of the business. MetLife Investment Management LLC boosted its stake in shares of Formula One Group by 3.0% in the third 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. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares during the last quarter. Lountzis Asset Management LLC boosted its stake in shares of 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 acquiring an additional 864 shares during the last quarter. Greenwood Gearhart Inc. boosted its stake in shares of Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after acquiring an additional 4,761 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Formula One Group by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after acquiring an additional 4,897 shares during the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

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.