Wells Fargo & Company Initiates Coverage on Formula One Group (NASDAQ:FWONA)

Investment analysts at Wells Fargo & Company assumed coverage on shares of Formula One Group (NASDAQ:FWONA) in a report issued on Monday,Benzinga reports. The brokerage set an “underweight” rating and a $83.00 price target on the stock. Wells Fargo & Company‘s target price would indicate a potential downside of 4.97% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on FWONA. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Benchmark reissued a “buy” rating and issued a $81.00 price target on shares of Formula One Group in a research note on Thursday, November 14th.

Formula One Group Price Performance

Shares of FWONA opened at $87.34 on Monday. Formula One Group has a 1 year low of $57.43 and a 1 year high of $95.33. The stock has a 50 day simple moving average of $86.85 and a two-hundred day simple moving average of $78.58. The firm has a market cap of $21.72 billion, a P/E ratio of 75.95 and a beta of 0.14.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.83% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors have recently bought and sold shares of FWONA. Russell Investments Group Ltd. lifted its position in Formula One Group by 67.2% during the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after buying an additional 266 shares during the period. FNY Investment Advisers LLC increased its stake in shares of Formula One Group by 25.6% in the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after acquiring an additional 159 shares in the last quarter. Lountzis Asset Management LLC bought a new position in shares of Formula One Group in the 3rd quarter worth about $220,000. Finally, Integrated Wealth Concepts LLC lifted its position in Formula One Group by 4.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after acquiring an additional 300 shares during the period. 8.38% of the stock is owned by 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.