Formula One Group (NASDAQ:FWONK) Upgraded at Morgan Stanley

Formula One Group (NASDAQ:FWONK) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm currently has a $115.00 target price on the stock, up from their prior target price of $95.00. Morgan Stanley’s price objective would suggest a potential upside of 21.18% from the stock’s previous close.

Several other research firms also recently issued reports on FWONK. UBS Group started coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Rosenblatt Securities boosted their price objective on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $95.75.

Formula One Group Stock Down 0.6 %

Shares of FWONK opened at $94.90 on Wednesday. The company has a market capitalization of $21.10 billion, a price-to-earnings ratio of 82.52 and a beta of 0.18. Formula One Group has a 52-week low of $61.44 and a 52-week high of $96.26. The stock has a 50 day moving average price of $84.38 and a 200 day moving average price of $78.92.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. On average, equities analysts anticipate that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. Insiders have sold a total of 31,911 shares of company stock valued at $2,403,701 over the last quarter. 4.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWONK. Hahn Capital Management LLC grew its stake in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares during the period. Greenwood Gearhart Inc. boosted 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 worth $13,640,000 after buying an additional 13,146 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after buying an additional 3,958 shares during the period. Finally, Lountzis Asset Management LLC increased its holdings in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares in the last quarter. Institutional investors and hedge funds 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.