Formula One Group (NASDAQ:FWONA) Sees Strong Trading Volume

Formula One Group (NASDAQ:FWONA) saw an uptick in trading volume on Thursday . 43,890 shares changed hands during mid-day trading, a decline of 56% from the previous session’s volume of 99,475 shares.The stock last traded at $73.32 and had previously closed at $71.64.

Analysts Set New Price Targets

FWONA has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Formula One Group from a “hold” rating to a “buy” rating and boosted their target price for the company from $73.00 to $83.00 in a report on Thursday, May 30th. Benchmark raised their price target on shares of Formula One Group from $77.00 to $81.00 and gave the company a “buy” rating in a report on Friday, August 9th.

Formula One Group Stock Performance

The company has a 50 day simple moving average of $70.65 and a two-hundred day simple moving average of $65.91. The firm has a market cap of $17.23 billion and a PE ratio of 52.29.

Formula One Group (NASDAQ:FWONA) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.24). The company had revenue of $853.00 million during the quarter, compared to the consensus estimate of $1.04 billion. As a group, research analysts predict that Formula One Group will post 1.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

A hedge fund recently raised its stake in Formula One Group stock. Janney Montgomery Scott LLC increased its position in shares of Formula One Group (NASDAQ:FWONA) by 13.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,413 shares of the company’s stock after acquiring an additional 1,600 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $788,000 as of its most recent filing with the SEC. 8.38% of the stock is owned by hedge funds and other institutional investors.

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.