Formula One Group (NASDAQ:FWONK) Given New $105.00 Price Target at JPMorgan Chase & Co.

Formula One Group (NASDAQ:FWONK) had its target price increased by JPMorgan Chase & Co. from $96.00 to $105.00 in a report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on FWONK. Wells Fargo & Company cut their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Morgan Stanley lowered their target price on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research note on Wednesday, February 26th. Finally, StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.33.

Formula One Group Stock Down 0.9 %

Shares of NASDAQ:FWONK opened at $92.52 on Thursday. The stock has a market cap of $23.01 billion, a price-to-earnings ratio of 80.45 and a beta of 0.11. Formula One Group has a 12-month low of $64.37 and a 12-month high of $102.33. The business’s 50 day moving average is $94.62 and its 200 day moving average is $86.55.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45). The company had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $1.37 billion. As a group, equities research analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Insider Activity at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its stake in Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after buying an additional 4,897 shares in the last quarter. Greenwood Gearhart Inc. grew its stake in Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after buying an additional 4,761 shares in the last quarter. Allstate Corp purchased a new position in Formula One Group in the 4th quarter worth approximately $571,000. Hahn Capital Management LLC lifted its holdings in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after acquiring an additional 21,699 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares during the last quarter. Hedge funds and other 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.