Formula One Group (NASDAQ:FWONK) Receives $95.75 Consensus Price Target from Analysts

Formula One Group (NASDAQ:FWONK) has been given an average recommendation of “Moderate Buy” by the five analysts that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $95.75.

FWONK has been the topic of a number of research analyst reports. Rosenblatt Securities raised their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. UBS Group started coverage on Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th.

Insider Activity

In other news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors have recently bought and sold shares of the business. Greenwood Gearhart Inc. lifted its position in shares of Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the last quarter. Hahn Capital Management LLC raised its stake in 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 acquiring an additional 17,219 shares during the period. Janney Montgomery Scott LLC raised its stake in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after acquiring an additional 3,958 shares during the period. MetLife Investment Management LLC lifted its holdings in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares during the last quarter. Finally, Lountzis Asset Management LLC boosted its position in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the period. Institutional investors and hedge funds own 92.26% of the company’s stock.

Formula One Group Price Performance

NASDAQ FWONK opened at $92.66 on Monday. The stock’s 50-day moving average is $87.66 and its 200-day moving average is $80.52. Formula One Group has a one year low of $61.44 and a one year high of $96.89. The firm has a market cap of $23.05 billion, a P/E ratio of 80.57 and a beta of 0.17.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million. Equities analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

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.