Formula One Group (NASDAQ:FWONK) Receives $95.75 Average Price Target from Brokerages

Shares of Formula One Group (NASDAQ:FWONK) have received a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $95.75.

FWONK has been the subject of several research analyst reports. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. UBS Group initiated coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target on the stock. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Rosenblatt Securities increased their target price on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th.

Formula One Group Stock Performance

NASDAQ FWONK opened at $92.08 on Monday. The company has a market capitalization of $22.90 billion, a PE ratio of 80.07 and a beta of 0.17. Formula One Group has a 52-week low of $61.44 and a 52-week high of $96.89. The company has a 50-day simple moving average of $88.17 and a 200 day simple moving average of $80.74.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. As a group, analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were 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 can be accessed through this link. Also, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the sale, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently bought and sold shares of the business. Hahn Capital Management LLC grew its position in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after acquiring an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% during the 3rd 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. MetLife Investment Management LLC grew its holdings in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares in the last quarter. Finally, Greenwood Gearhart Inc. increased its position in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares during the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s 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.