Formula One Group (NASDAQ:FWONK) Short Interest Update

Formula One Group (NASDAQ:FWONK) saw a significant growth in short interest in the month of 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 short-interest ratio is presently 3.8 days.

Wall Street Analyst Weigh In

Several research firms have recently commented on FWONK. StockNews.com raised shares of Formula One Group to a “sell” rating in a research report on Saturday, August 24th. Evercore ISI upped their target price on shares of Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, June 4th. Finally, Morgan Stanley dropped their price target on shares of Formula One Group from $83.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th.

Formula One Group Stock Down 1.0 %

FWONK traded down $0.82 during midday trading on Wednesday, reaching $77.39. The company had a trading volume of 947,900 shares, compared to its average volume of 1,194,957. The business has a 50-day moving average of $77.44 and a two-hundred day moving average of $72.91. Formula One Group has a 1 year low of $60.95 and a 1 year high of $82.23. The company has a market cap of $18.19 billion and a P/E ratio of 57.09.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities research analysts predict that Formula One Group will post 0.98 EPS for the current year.

Institutional Trading of Formula One Group

A number of hedge funds and other institutional investors have recently modified their holdings of FWONK. Hahn Capital Management LLC lifted its position in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group during the 2nd quarter valued at approximately $48,000. Finally, Janney Montgomery Scott LLC lifted its holdings 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 worth $1,378,000 after purchasing an additional 2,514 shares in the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.