Formula One Group (NASDAQ:FWONK) Receives $98.00 Average Price Target from Analysts

Shares of Formula One Group (NASDAQ:FWONK) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $98.00.

FWONK has been the subject of several recent analyst reports. UBS Group started 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. Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, Rosenblatt Securities boosted their target price on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, January 10th.

Insider Activity

In other news, CAO Brian J. Wendling sold 1,094 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC raised its position 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 valued at $2,560,000 after purchasing an additional 287 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Formula One Group during the fourth quarter worth approximately $827,000. Greenwood Gearhart Inc. increased its stake in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the period. MetLife Investment Management LLC boosted its stake in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares in the last quarter. Finally, Lountzis Asset Management LLC raised its position in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company’s stock.

Formula One Group Price Performance

Shares of NASDAQ FWONK opened at $92.84 on Friday. The business has a 50-day moving average of $91.27 and a 200-day moving average of $82.87. The company has a market capitalization of $23.09 billion, a price-to-earnings ratio of 80.73 and a beta of 0.11. Formula One Group has a 1-year low of $64.37 and a 1-year high of $96.89.

Formula One Group (NASDAQ:FWONK) last released 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 firm had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. Research analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

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.