Formula One Group (NASDAQ:FWONK) Stock Passes Above Fifty Day Moving Average – Here’s What Happened

Formula One Group (NASDAQ:FWONK) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $86.27 and traded as high as $95.56. Formula One Group shares last traded at $95.26, with a volume of 681,437 shares changing hands.

Analyst Ratings Changes

Several equities research analysts recently commented on FWONK shares. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Rosenblatt Securities boosted their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. UBS Group began coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Formula One Group currently has a consensus rating of “Hold” and an average price target of $95.75.

Formula One Group Stock Performance

The business has a 50 day moving average price of $86.27 and a 200-day moving average price of $79.76. The company has a market capitalization of $21.18 billion, a price-to-earnings ratio of 82.84 and a beta of 0.18.

Formula One Group (NASDAQ:FWONK) last issued its quarterly 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 business had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. As a group, equities analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Transactions at Formula One Group

In related news, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Several institutional investors have recently made changes to their positions in FWONK. Greenwood Gearhart Inc. grew its holdings in shares of Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after acquiring an additional 13,146 shares in the last quarter. MetLife Investment Management LLC boosted its position in 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 during the last quarter. Lountzis Asset Management LLC grew its stake in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Hahn Capital Management LLC increased its position 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 valued at $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Institutional investors own 92.26% 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.