Formula One Group (NASDAQ:FWONK) Price Target Raised to $102.00 at Rosenblatt Securities

Formula One Group (NASDAQ:FWONK) had its target price boosted by research analysts at Rosenblatt Securities from $93.00 to $102.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 9.16% from the company’s previous close.

FWONK has been the topic of a number of other reports. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. UBS Group assumed coverage on Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price for the company. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Finally, Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $98.00.

Formula One Group Trading Up 1.4 %

Formula One Group stock opened at $93.44 on Friday. The stock has a market capitalization of $23.24 billion, a price-to-earnings ratio of 81.25 and a beta of 0.11. The stock has a 50 day moving average of $89.17 and a two-hundred day moving average of $81.30. Formula One Group has a twelve month low of $61.44 and a twelve month high of $96.89.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. Equities analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory B. Maffei sold 35,463 shares of the business’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 transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $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. 4.31% of the stock is owned by company insiders.

Institutional Trading of Formula One Group

A number of hedge funds have recently bought and sold shares of the company. Greenwood Gearhart Inc. boosted its stake in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after buying an additional 13,146 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the fourth quarter worth approximately $827,000. Janney Montgomery Scott LLC grew its holdings in Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the period. Lountzis Asset Management LLC increased its position in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the last quarter. Finally, MetLife Investment Management LLC raised its stake in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 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.