Formula One Group (NASDAQ:FWONK) Share Price Crosses Above 50-Day Moving Average – Should You Sell?

Shares of Formula One Group (NASDAQ:FWONK) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $77.34 and traded as high as $77.60. Formula One Group shares last traded at $76.43, with a volume of 1,046,981 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FWONK shares. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a research note on Friday. Morgan Stanley increased their price target on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd.

Formula One Group Price Performance

The company has a market capitalization of $17.96 billion and a P/E ratio of 55.79. The company’s 50-day moving average price is $77.29 and its two-hundred day moving average price is $73.43.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. On average, analysts anticipate that Formula One Group will post 0.98 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now directly owns 5,274 shares of the company’s stock, valued at $250,040.34. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock valued at $2,327,591 over the last ninety days. 4.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Formula One Group

Large investors have recently bought and sold shares of the company. Beach Investment Counsel Inc. PA acquired a new stake in Formula One Group during the second quarter worth about $48,000. Janney Montgomery Scott LLC grew its stake in Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after buying an additional 2,514 shares in the last quarter. Finally, Hahn Capital Management LLC boosted its stake in shares of Formula One Group by 33.5% in the 2nd 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. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.