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

Formula One Group (NASDAQ:FWONA)’s stock price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $88.00, but opened at $83.00. Formula One Group shares last traded at $82.57, with a volume of 25,894 shares changing hands.

The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.43 by ($1.46). The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.37 billion.

Analysts Set New Price Targets

FWONA has been the subject of a number of analyst reports. Benchmark restated a “buy” rating and issued a $81.00 price target on shares of Formula One Group in a research note on Thursday, November 14th. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company initiated coverage on shares of Formula One Group in a research note on Monday, February 24th. They set an “underweight” rating and a $83.00 price objective on the stock.

Insider Buying and Selling

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was 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 owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Formula One Group

Several large investors have recently modified their holdings of the stock. Lountzis Asset Management LLC bought a new stake in shares of Formula One Group during the third quarter worth approximately $220,000. Integrated Wealth Concepts LLC lifted its holdings in Formula One Group by 4.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after purchasing an additional 300 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in Formula One Group by 25.6% in the 4th 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 period. Finally, Russell Investments Group Ltd. grew its holdings in Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after buying an additional 266 shares in the last quarter. 8.38% of the stock is owned by institutional investors.

Formula One Group Trading Up 6.1 %

The stock has a market cap of $22.16 billion, a P/E ratio of 77.50 and a beta of 0.14. The firm has a 50-day simple moving average of $87.03 and a two-hundred day simple moving average of $78.97.

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.