Formula One Group (NASDAQ:FWONK) Receives Average Recommendation of “Buy” from Analysts

Shares of Formula One Group (NASDAQ:FWONK) have been assigned a consensus recommendation of “Buy” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have covered the stock in the last year is $85.50.

A number of equities analysts have commented on the company. Pivotal Research raised their price objective on Formula One Group from $85.00 to $92.00 in a research note on Monday, August 7th. Morgan Stanley reiterated an “overweight” rating and issued a $87.00 price target on shares of Formula One Group in a research note on Thursday, August 3rd. Wolfe Research upgraded Formula One Group from a “peer perform” rating to an “outperform” rating and set a $84.00 price target on the stock in a research note on Tuesday, September 5th. StockNews.com initiated coverage on Formula One Group in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Finally, Rosenblatt Securities lifted their price target on Formula One Group from $81.00 to $82.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th.

Formula One Group Stock Performance

Formula One Group stock opened at $65.37 on Tuesday. The stock’s fifty day moving average price is $66.15 and its two-hundred day moving average price is $70.05. Formula One Group has a one year low of $60.95 and a one year high of $78.58.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently modified their holdings of the company. Oregon Public Employees Retirement Fund acquired a new position in Formula One Group during the 2nd quarter worth about $1,542,000. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 3.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 17,121 shares of the company’s stock worth $1,289,000 after buying an additional 650 shares during the period. Carmel Capital Partners LLC lifted its holdings in Formula One Group by 8.6% during the 2nd quarter. Carmel Capital Partners LLC now owns 18,282 shares of the company’s stock worth $1,376,000 after buying an additional 1,449 shares during the period. Greenwood Gearhart Inc. lifted its holdings in Formula One Group by 0.6% during the 1st quarter. Greenwood Gearhart Inc. now owns 156,586 shares of the company’s stock worth $11,717,000 after buying an additional 899 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in Formula One Group by 213.7% during the 1st quarter. Bessemer Group Inc. now owns 5,505 shares of the company’s stock worth $412,000 after buying an additional 3,750 shares during the period. Institutional investors and hedge funds own 0.18% of the company’s stock.

Formula One Group Company Profile

Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the 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.