Rosenblatt Securities Reaffirms “Buy” Rating for Formula One Group (NASDAQ:FWONK)

Formula One Group (NASDAQ:FWONK)‘s stock had its “buy” rating restated by analysts at Rosenblatt Securities in a research note issued to investors on Friday,Benzinga reports. They presently have a $102.00 price target on the stock. Rosenblatt Securities’ price target would indicate a potential upside of 14.27% from the stock’s current price.

A number of other analysts have also commented on the stock. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Wells Fargo & Company decreased their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. JPMorgan Chase & Co. lifted their price target on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Morgan Stanley lowered their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $95.33.

Formula One Group Stock Down 3.5 %

Shares of FWONK stock opened at $89.26 on Friday. The firm has a 50 day moving average of $94.53 and a 200-day moving average of $86.67. The company has a market cap of $22.25 billion, a price-to-earnings ratio of 77.62 and a beta of 0.13. Formula One Group has a 52 week low of $64.37 and a 52 week high of $102.33.

Formula One Group (NASDAQ:FWONK) last posted 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 for the quarter, compared to analyst estimates of $1.37 billion. Analysts anticipate that Formula One Group will post 1.36 earnings per share for the current year.

Insider Activity

In related news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 4.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Everence Capital Management Inc. bought a new position in shares of Formula One Group during the 4th quarter worth $827,000. Hahn Capital Management LLC raised its stake in Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares during the period. Greenwood Gearhart Inc. lifted its holdings in Formula One Group by 8.1% during 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 last quarter. Janney Montgomery Scott LLC boosted its position in Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after purchasing an additional 287 shares during the period. Finally, MetLife Investment Management LLC increased 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 purchasing an additional 203 shares in the last quarter. 92.26% of the stock is owned by institutional investors.

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.