Formula One Group (NASDAQ:FWONK) Downgraded to “Sell” Rating by StockNews.com

StockNews.com cut shares of Formula One Group (NASDAQ:FWONK) from a hold rating to a sell rating in a research report released on Monday.

Other analysts also recently issued reports about the company. Morgan Stanley boosted their target price 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. UBS Group started coverage on Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Finally, Rosenblatt Securities increased their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $88.25.

Formula One Group Stock Up 1.3 %

Shares of Formula One Group stock opened at $85.13 on Monday. The firm has a market cap of $18.92 billion, a price-to-earnings ratio of 73.10 and a beta of 0.01. Formula One Group has a 52-week low of $61.23 and a 52-week high of $86.65. The company’s 50-day simple moving average is $79.18 and its 200-day simple moving average is $76.33.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million. Equities research analysts anticipate that Formula One Group will post 1.24 EPS for the current year.

Insider Buying and Selling

In other news, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the sale, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. The trade was a 23.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,817 shares of company stock valued at $2,327,591. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

A number of hedge funds have recently made changes to their positions in the company. Greenwood Gearhart Inc. grew its stake in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares in the last quarter. Hahn Capital Management LLC grew its position in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after buying an additional 3,958 shares during the last quarter. MetLife Investment Management LLC raised its holdings 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 acquiring an additional 203 shares in the last quarter. Finally, Lountzis Asset Management LLC boosted its stake in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares during the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

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.