First Horizon Advisors Inc. Sells 136 Shares of Formula One Group (NASDAQ:FWONK)

First Horizon Advisors Inc. decreased its position in Formula One Group (NASDAQ:FWONK) by 11.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,039 shares of the company’s stock after selling 136 shares during the period. First Horizon Advisors Inc.’s holdings in Formula One Group were worth $80,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group in the second quarter worth $48,000. Lountzis Asset Management LLC grew its stake in shares of Formula One Group by 17.0% during 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 lifted its stake in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the period. Finally, Hahn Capital Management LLC boosted 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 acquiring an additional 17,219 shares during the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

Formula One Group Stock Performance

Formula One Group stock opened at $84.17 on Monday. Formula One Group has a fifty-two week low of $61.23 and a fifty-two week high of $86.65. The company has a market capitalization of $18.71 billion, a PE ratio of 73.19 and a beta of 0.01. The company has a 50 day moving average price of $79.55 and a 200-day moving average price of $76.52.

Formula One Group (NASDAQ:FWONK) last posted its 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 company had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. On average, analysts forecast that Formula One Group will post 1.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. UBS Group began coverage on Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price on the stock. Finally, Rosenblatt Securities increased their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.25.

Insiders Place Their Bets

In other Formula One Group 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 transaction of $76,045.64. Following the sale, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. This trade represents a 23.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,911 shares of company stock valued at $2,403,701. 4.31% of the stock is currently owned by corporate insiders.

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.