Formula One Group (NASDAQ:FWONK) Sees Significant Growth in Short Interest

Formula One Group (NASDAQ:FWONK) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 4,810,000 shares, a growth of 10.3% from the August 15th total of 4,360,000 shares. Based on an average trading volume of 1,280,000 shares, the days-to-cover ratio is presently 3.8 days.

Analysts Set New Price Targets

FWONK has been the subject of several research analyst reports. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a report on Saturday, August 24th. Evercore ISI upped their price target on Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th. Finally, Morgan Stanley cut their price target on Formula One Group from $83.00 to $80.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th.

Formula One Group Stock Down 1.0 %

FWONK traded down $0.82 during trading on Wednesday, hitting $77.39. 947,900 shares of the company’s stock were exchanged, compared to its average volume of 1,194,957. Formula One Group has a fifty-two week low of $60.95 and a fifty-two week high of $82.23. The stock has a market cap of $18.19 billion and a P/E ratio of 56.49. The business’s 50 day moving average is $77.44 and its two-hundred day moving average is $72.91.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The company had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. On average, sell-side analysts forecast that Formula One Group will post 0.98 earnings per share for the current year.

Institutional Trading of Formula One Group

Institutional investors have recently made changes to their positions in the company. Hahn Capital Management LLC lifted its position in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group in the 2nd quarter worth about $48,000. Finally, Janney Montgomery Scott LLC increased its stake in Formula One Group by 13.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after buying an additional 2,514 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

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.