Formula One Group (NASDAQ:FWONK) Receives $95.33 Average Target Price from Analysts

Formula One Group (NASDAQ:FWONK) has been assigned an average recommendation of “Hold” from the seven research firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $95.33.

A number of research firms recently commented on FWONK. Morgan Stanley reduced their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Wells Fargo & Company reduced their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Finally, StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th.

Institutional Investors Weigh In On Formula One Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the 4th quarter valued at approximately $827,000. Hahn Capital Management LLC lifted its stake in Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares during the last quarter. 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 in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after buying an additional 287 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors.

Formula One Group Stock Up 2.0 %

Shares of FWONK stock opened at $87.66 on Friday. Formula One Group has a 12 month low of $64.37 and a 12 month high of $102.33. The company’s fifty day simple moving average is $93.65 and its 200-day simple moving average is $87.06. The firm has a market cap of $21.85 billion, a PE ratio of 76.23 and a beta of 0.13.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, equities analysts predict that Formula One Group will post 1.36 earnings per share for the current fiscal year.

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.