Formula One Group (NASDAQ:FWONK) Hits New 1-Year High After Better-Than-Expected Earnings

Formula One Group (NASDAQ:FWONK)’s share price reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $85.61 and last traded at $85.59, with a volume of 2839717 shares traded. The stock had previously closed at $80.96.

The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FWONK. Rosenblatt Securities upped their target price on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. UBS Group began coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Morgan Stanley increased their price objective on Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Finally, StockNews.com raised Formula One Group to a “sell” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $88.25.

Insiders Place Their Bets

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now owns 5,274 shares in the company, valued at $250,040.34. The trade was a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock valued at $2,327,591 in the last quarter. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds have recently made changes to their positions in FWONK. Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the period. MetLife Investment Management LLC lifted its position 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 valued at $538,000 after purchasing an additional 203 shares during the last quarter. Lountzis Asset Management LLC boosted its stake 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 purchasing an additional 864 shares during the period. Finally, Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group in the second quarter worth approximately $48,000. 92.26% of the stock is currently owned by institutional investors.

Formula One Group Stock Down 1.3 %

The firm’s fifty day moving average price is $78.51 and its 200-day moving average price is $75.91. The stock has a market cap of $17.73 billion, a P/E ratio of 73.23 and a beta of 0.01.

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.