Analysts Set Formula One Group (NASDAQ:FWONK) Price Target at $98.00

Shares of Formula One Group (NASDAQ:FWONK) have earned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $98.00.

Several research firms have recently issued reports on FWONK. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Rosenblatt Securities raised their price target on Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Finally, Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th.

Formula One Group Stock Down 0.4 %

Shares of FWONK stock opened at $97.85 on Tuesday. Formula One Group has a 12-month low of $64.37 and a 12-month high of $102.33. The company has a 50 day moving average of $94.71 and a 200-day moving average of $85.28. The firm has a market cap of $24.34 billion, a P/E ratio of 85.09 and a beta of 0.11.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was 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 owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently bought and sold shares of FWONK. Lountzis Asset Management LLC increased its holdings in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the last quarter. Allstate Corp bought a new stake in shares of Formula One Group in the fourth quarter worth $571,000. Everence Capital Management Inc. bought a new stake in shares of Formula One Group during the 4th quarter valued at about $827,000. Finally, Janney Montgomery Scott LLC grew its position in Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after buying an additional 3,958 shares during the period. Hedge funds and other institutional investors own 92.26% of the company’s stock.

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.