Wells Fargo & Company Initiates Coverage on Formula One Group (NASDAQ:FWONA)

Wells Fargo & Company assumed coverage on shares of Formula One Group (NASDAQ:FWONA) in a research report report published on Monday morning,Benzinga reports. The firm issued an underweight rating and a $83.00 target price on the stock.

Other analysts also recently issued reports about the company. Benchmark restated a “buy” rating and set a $81.00 price objective on shares of Formula One Group in a research report on Thursday, November 14th. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th.

Formula One Group Stock Performance

NASDAQ:FWONA opened at $88.00 on Monday. The stock has a fifty day moving average price of $86.97 and a 200-day moving average price of $78.78. The company has a market cap of $21.89 billion, a price-to-earnings ratio of 76.52 and a beta of 0.14. Formula One Group has a fifty-two week low of $57.43 and a fifty-two week high of $95.33.

Insider Buying and Selling

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Several large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. raised its position in Formula One Group by 67.2% in the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after purchasing an additional 266 shares during the last quarter. FNY Investment Advisers LLC raised its position in Formula One Group by 25.6% in the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after purchasing an additional 159 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in Formula One Group by 4.2% in the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after purchasing an additional 300 shares during the last quarter. Finally, Lountzis Asset Management LLC bought a new position in Formula One Group in the third quarter valued at about $220,000. 8.38% of the stock is currently owned by institutional investors.

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.