Formula One Group (NASDAQ:FWONK) Upgraded by StockNews.com to “Sell” Rating

Formula One Group (NASDAQ:FWONK) was upgraded by equities research analysts at StockNews.com to a “sell” rating in a report released on Tuesday.

Other equities analysts have also issued reports about the company. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Wells Fargo & Company reduced their price target on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Rosenblatt Securities reissued a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a research report on Friday, March 7th. Morgan Stanley cut their price objective on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. increased their target price on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.33.

Formula One Group Stock Performance

NASDAQ:FWONK traded down $1.12 during mid-day trading on Tuesday, hitting $88.89. The company had a trading volume of 1,282,457 shares, compared to its average volume of 1,225,382. Formula One Group has a fifty-two week low of $64.37 and a fifty-two week high of $102.33. The firm has a market cap of $22.16 billion, a P/E ratio of 77.30 and a beta of 0.13. The business’s fifty day moving average is $92.93 and its two-hundred day moving average is $88.01.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Equities analysts forecast that Formula One Group will post 1.36 earnings per share for the current year.

Institutional Trading of Formula One Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its position in shares of Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after acquiring an additional 4,897 shares during the period. California State Teachers Retirement System lifted its stake in Formula One Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock valued at $32,518,000 after purchasing an additional 6,297 shares during the last quarter. Greenwood Gearhart Inc. grew its holdings in Formula One Group by 2.7% during the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after purchasing an additional 4,761 shares during the period. Hahn Capital Management LLC increased its position in Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after buying an additional 21,699 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares during the period. Institutional investors own 92.26% of the company’s stock.

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.