StockNews.com Upgrades Formula One Group (NASDAQ:FWONK) to “Sell”

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a research note published on Saturday.

FWONK has been the subject of several other research reports. Evercore ISI increased their price objective on shares of Formula One Group from $85.00 to $90.00 and gave the stock an outperform rating in a research report on Tuesday, June 4th. Morgan Stanley dropped their price target on Formula One Group from $83.00 to $80.00 and set an equal weight rating on the stock in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $84.00.

Formula One Group Price Performance

Shares of FWONK stock opened at $77.39 on Friday. The stock has a 50-day moving average of $76.19 and a 200-day moving average of $72.08. Formula One Group has a one year low of $60.95 and a one year high of $82.23. The stock has a market cap of $18.19 billion and a PE ratio of 56.49.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $34.06, for a total value of $1,802,148.66. Following the transaction, the insider now directly owns 4,999,007 shares of the company’s stock, valued at $170,266,178.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently modified their holdings of FWONK. Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group in the second quarter valued at approximately $48,000. Janney Montgomery Scott LLC lifted its position in shares of Formula One Group by 13.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares during the period. Hahn Capital Management LLC grew its holdings in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Formula One Group by 156.3% in the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after purchasing an additional 43,675 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.