Formula One Group (NASDAQ:FWONA) Receives Consensus Rating of “Hold” from Brokerages

Formula One Group (NASDAQ:FWONA) has been given an average rating of “Hold” by the five ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $82.33.

Several research firms recently weighed in on FWONA. Guggenheim restated a “buy” rating on shares of Formula One Group in a research report on Monday, March 3rd. Wells Fargo & Company began coverage on shares of Formula One Group in a research report on Monday, February 24th. They issued an “underweight” rating and a $83.00 price objective on the stock. Finally, Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th.

Formula One Group Stock Up 2.9 %

Shares of FWONA opened at $78.08 on Monday. The business’s 50-day moving average price is $86.29 and its 200-day moving average price is $79.84. Formula One Group has a twelve month low of $57.43 and a twelve month high of $95.33. The stock has a market cap of $19.46 billion, a PE ratio of 67.90 and a beta of 0.15.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($1.46). The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Analysts expect that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its stake in Formula One Group by 67.2% in the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock worth $56,000 after buying an additional 266 shares in the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Formula One Group by 25.6% during the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after purchasing an additional 159 shares during the period. Lountzis Asset Management LLC purchased a new stake in shares of Formula One Group during the third quarter valued at approximately $220,000. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 8.38% 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.