Formula One Group (NASDAQ:FWONK) Shares Gap Down on Disappointing Earnings

Formula One Group (NASDAQ:FWONK) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $94.94, but opened at $89.47. Formula One Group shares last traded at $89.36, with a volume of 567,173 shares trading hands.

The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analyst estimates of $1.37 billion.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Morgan Stanley lowered their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday. Rosenblatt Securities restated a “buy” rating and issued a $102.00 price target on shares of Formula One Group in a report on Wednesday. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company dropped their price target on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Friday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Formula One Group currently has an average rating of “Hold” and an average price target of $93.40.

Insider Activity

In related news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FWONK. Lountzis Asset Management LLC raised its stake 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 purchasing an additional 864 shares during the period. Allstate Corp acquired a new stake in Formula One Group during the 4th quarter valued at $571,000. MetLife Investment Management LLC increased 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 worth $538,000 after buying an additional 203 shares during the period. Everence Capital Management Inc. acquired a new position in Formula One Group in the 4th quarter worth $827,000. Finally, Janney Montgomery Scott LLC lifted its holdings in 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 buying an additional 3,958 shares in the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

Formula One Group Trading Up 4.9 %

The business’s 50-day simple moving average is $94.80 and its two-hundred day simple moving average is $86.12. The company has a market capitalization of $23.98 billion, a PE ratio of 83.85 and a beta of 0.11.

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.