Rosenblatt Securities Reaffirms Buy Rating for Formula One Group (NASDAQ:FWONK)

Formula One Group (NASDAQ:FWONK)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $102.00 target price on the stock. Rosenblatt Securities’ target price points to a potential upside of 10.82% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. Wells Fargo & Company upgraded Formula One Group to a “strong sell” rating in a report on Friday, February 21st. Finally, Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $98.00.

Formula One Group Price Performance

Shares of NASDAQ FWONK opened at $92.04 on Wednesday. The stock has a market capitalization of $22.89 billion, a P/E ratio of 80.04 and a beta of 0.11. Formula One Group has a 1-year low of $64.37 and a 1-year high of $102.33. The business’s 50 day moving average is $94.81 and its two-hundred day moving average is $85.93.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at approximately $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. Insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Large investors have recently made changes to their positions in the stock. Everence Capital Management Inc. purchased a new stake in Formula One Group during the 4th quarter valued at about $827,000. Greenwood Gearhart Inc. boosted its position in 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. Janney Montgomery Scott LLC boosted its position in Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares during the period. Finally, Lountzis Asset Management LLC raised 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 worth $461,000 after purchasing an additional 864 shares during the last quarter. 92.26% 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.