Formula One Group (NASDAQ:FWONK) Stock Passes Above Fifty Day Moving Average – Should You Sell?

Formula One Group (NASDAQ:FWONK)’s share price passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $76.86 and traded as high as $79.32. Formula One Group shares last traded at $78.82, with a volume of 1,106,739 shares changing hands.

Analyst Upgrades and Downgrades

FWONK has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. StockNews.com raised Formula One Group to a “sell” rating in a research note on Saturday.

Formula One Group Price Performance

The company’s 50 day simple moving average is $76.86 and its 200 day simple moving average is $73.72. The firm has a market cap of $16.54 billion, a price-to-earnings ratio of 74.36 and a beta of 0.04.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.22). The company had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $960.45 million. As a group, analysts forecast that Formula One Group will post 1.01 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the transaction, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,817 shares of company stock worth $2,327,591. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Hahn Capital Management LLC grew its stake in 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 buying an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares during the period. Finally, Beach Investment Counsel Inc. PA acquired a new position in shares of Formula One Group in the 2nd quarter valued at $48,000. 92.26% of the stock is owned by hedge funds and other 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.