Formula One Group (NASDAQ:FWONK) Short Interest Down 6.4% in October

Formula One Group (NASDAQ:FWONK) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 4,370,000 shares, a decline of 6.4% from the September 30th total of 4,670,000 shares. Based on an average trading volume of 1,110,000 shares, the days-to-cover ratio is currently 3.9 days.

Insider Activity at Formula One Group

In other news, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 transaction of $1,512,733.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction 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 completion of the transaction, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 0.00 % 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 worth $2,327,591 in the last 90 days. 4.31% of the stock is owned by insiders.

Institutional Trading of Formula One Group

A number of institutional investors have recently bought and sold shares of FWONK. Hahn Capital Management LLC raised its position in 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 acquiring an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Formula One Group by 16.9% during 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 last quarter. Finally, Beach Investment Counsel Inc. PA purchased a new stake in Formula One Group in the 2nd quarter valued at approximately $48,000. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

Formula One Group Trading Up 1.0 %

FWONK stock opened at $80.65 on Friday. The company’s 50-day moving average price is $77.77 and its 200 day moving average price is $75.03. Formula One Group has a 52 week low of $61.23 and a 52 week high of $82.23. The company has a market cap of $16.92 billion, a P/E ratio of 75.32 and a beta of 0.04.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $853.00 million during the quarter, compared to analyst estimates of $960.45 million. On average, equities research analysts expect that Formula One Group will post 1.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FWONK shares. Morgan Stanley increased their price target on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. StockNews.com raised Formula One Group to a “sell” rating in a research note on Wednesday. Finally, UBS Group initiated coverage on Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock.

About Formula One Group

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.