Formula One Group (NASDAQ:FWONK) Hits New 12-Month High – Here’s What Happened

Shares of Formula One Group (NASDAQ:FWONKGet Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $101.80 and last traded at $100.98, with a volume of 185447 shares traded. The stock had previously closed at $100.07.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FWONK shares. UBS Group started coverage on shares of Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price for the company. Rosenblatt Securities lifted their price objective on Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Formula One Group presently has an average rating of “Hold” and an average target price of $98.00.

Get Our Latest Analysis on FWONK

Formula One Group Trading Up 0.5 %

The stock has a 50 day moving average of $93.58 and a 200-day moving average of $84.27. The company has a market capitalization of $25.02 billion, a P/E ratio of 87.51 and a beta of 0.11.

Formula One Group (NASDAQ:FWONKGet Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. As a group, sell-side analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction on 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. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC boosted its stake in shares of Formula One Group by 3.0% during the 3rd 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 period. Janney Montgomery Scott LLC lifted 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 worth $2,560,000 after purchasing an additional 287 shares during the last quarter. Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% during 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 during the period. Allstate Corp purchased a new position in Formula One Group during the 4th quarter valued at $571,000. Finally, Everence Capital Management Inc. bought a new position in Formula One Group in the 4th quarter valued at $827,000. Institutional investors own 92.26% of the company’s stock.

About Formula One Group

(Get Free Report)

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.

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