Formula One Group (NASDAQ:FWONA) Hits New 12-Month High – What’s Next?

Formula One Group (NASDAQ:FWONA)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $93.92 and last traded at $93.87, with a volume of 8150 shares. The stock had previously closed at $92.72.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FWONA shares. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Benchmark reiterated a “buy” rating and set a $81.00 target price on shares of Formula One Group in a research report on Thursday, November 14th.

Formula One Group Stock Performance

The company has a market cap of $23.51 billion, a price-to-earnings ratio of 82.21 and a beta of 0.14. The company’s fifty day moving average is $85.70 and its two-hundred day moving average is $77.38.

Formula One Group (NASDAQ:FWONA) last released its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.17. The company had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $825.00 million. During the same period in the prior year, the firm earned $0.39 EPS. On average, sell-side analysts anticipate that Formula One Group will post 1.46 EPS for the current fiscal 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 4.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lountzis Asset Management LLC acquired a new position in shares of Formula One Group in the third quarter valued at approximately $220,000. Integrated Wealth Concepts LLC increased its holdings in Formula One Group by 4.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after purchasing an additional 300 shares in the last quarter. FNY Investment Advisers LLC raised its holdings in shares of Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after buying an additional 159 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in Formula One Group by 67.2% during the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after purchasing an additional 266 shares in the last quarter. 8.38% of the stock is currently owned by institutional investors and hedge funds.

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.