Morgan Stanley Cuts Formula One Group (NASDAQ:FWONK) Price Target to $80.00

Formula One Group (NASDAQ:FWONK) had its price target reduced by Morgan Stanley from $83.00 to $80.00 in a research report report published on Friday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Separately, Evercore ISI raised their target price on Formula One Group from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $84.00.

Formula One Group Stock Up 2.2 %

Shares of FWONK stock opened at $75.39 on Friday. The firm has a market cap of $17.72 billion and a P/E ratio of 55.03. The company has a 50 day moving average of $75.05 and a 200-day moving average of $71.19. Formula One Group has a 12-month low of $60.95 and a 12-month high of $82.23.

Insider Transactions at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $34.06, for a total transaction of $1,802,148.66. Following the transaction, the insider now directly owns 4,999,007 shares in the company, valued at approximately $170,266,178.42. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC purchased a new position in shares of Formula One Group during the fourth quarter valued at about $1,167,000. Russell Investments Group Ltd. lifted its stake in shares of Formula One Group by 156.3% in the 4th quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock valued at $4,522,000 after purchasing an additional 43,675 shares during the period. Hahn Capital Management LLC boosted 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. Finally, Beach Investment Counsel Inc. PA purchased a new stake in Formula One Group in the second quarter worth $48,000. 92.26% of the stock is owned by institutional investors.

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.