Rosenblatt Securities Boosts Formula One Group (NASDAQ:FWONK) Price Target to $102.00

Formula One Group (NASDAQ:FWONK) had its price target upped by Rosenblatt Securities from $93.00 to $102.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently issued reports on FWONK. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th. UBS Group began coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Formula One Group presently has a consensus rating of “Hold” and an average price target of $98.00.

Formula One Group Price Performance

Shares of NASDAQ:FWONK opened at $91.23 on Friday. The business has a 50 day simple moving average of $89.38 and a two-hundred day simple moving average of $81.56. Formula One Group has a 1 year low of $61.44 and a 1 year high of $96.89. The firm has a market capitalization of $22.69 billion, a PE ratio of 79.33 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. Equities research analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Transactions at Formula One Group

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Everence Capital Management Inc. purchased a new stake in Formula One Group during the fourth quarter worth $827,000. Greenwood Gearhart Inc. grew its stake in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after acquiring an additional 13,146 shares during the period. 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 acquiring an additional 203 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares in the last quarter. Finally, Lountzis Asset Management LLC grew its position in shares of Formula One Group by 17.0% in 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. Institutional investors and hedge funds 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.