Formula One Group (NASDAQ:FWONK) Price Target Raised to $85.00

Formula One Group (NASDAQ:FWONK) had its target price raised by equities researchers at Morgan Stanley from $80.00 to $85.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 10.35% from the company’s current price.

Other research analysts also recently issued research reports about the company. Evercore ISI increased their price target on Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, June 4th. StockNews.com raised Formula One Group to a “sell” rating in a research note on Saturday, August 24th.

Formula One Group Trading Down 0.9 %

Formula One Group stock traded down $0.70 during mid-day trading on Monday, hitting $77.03. The stock had a trading volume of 247,718 shares, compared to its average volume of 1,190,978. The stock has a market capitalization of $18.10 billion and a PE ratio of 56.35. Formula One Group has a 12 month low of $60.95 and a 12 month high of $82.23. The stock has a 50-day simple moving average of $77.60 and a two-hundred day simple moving average of $73.05.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. Sell-side analysts expect that Formula One Group will post 0.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group in the 2nd quarter valued at $48,000. Janney Montgomery Scott LLC acquired a new stake in shares of Formula One Group in the 4th quarter valued at about $1,167,000. Finally, Hahn Capital Management LLC lifted its holdings in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares in the last quarter. 92.26% of the stock is currently owned by 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.