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

Formula One Group (NASDAQ:FWONK) was upgraded by StockNews.com to a “sell” rating in a report released on Friday.

Several other research firms have also recently commented on FWONK. UBS Group started coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target on the stock. Rosenblatt Securities boosted their price target on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday. Finally, Morgan Stanley boosted their price target on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $88.25.

Formula One Group Stock Performance

Shares of NASDAQ FWONK traded up $0.91 during trading on Friday, hitting $81.45. The company had a trading volume of 1,353,273 shares, compared to its average volume of 1,154,757. The company has a market cap of $17.09 billion, a P/E ratio of 76.84 and a beta of 0.01. Formula One Group has a 52 week low of $61.23 and a 52 week high of $85.60. The business’s 50-day moving average is $78.21 and its 200 day moving average is $75.59.

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

Insider Activity

In other news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction dated 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 sale, the director now owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,817 shares of company stock valued at $2,327,591.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hahn Capital Management LLC lifted its stake 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 purchasing an additional 17,219 shares during the period. Janney Montgomery Scott LLC lifted its stake in Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after purchasing an additional 2,514 shares during the period. Lountzis Asset Management LLC raised its stake 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 acquiring an additional 864 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group in the second quarter valued at approximately $48,000. 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.