Formula One Group (NASDAQ:FWONK) Rating Increased to Sell at StockNews.com

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a report released on Friday.

Separately, Morgan Stanley increased their target price on shares of Formula One Group from $80.00 to $85.00 and gave the company an equal weight rating in a research note on Monday, September 23rd.

Formula One Group Price Performance

FWONK opened at $74.39 on Friday. The company has a market capitalization of $17.48 billion, a PE ratio of 54.30 and a beta of 0.04. Formula One Group has a fifty-two week low of $61.23 and a fifty-two week high of $82.23. The business has a 50-day moving average of $77.09 and a 200-day moving average of $73.62.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $853.00 million during the quarter, compared to the consensus estimate of $960.45 million. On average, equities research analysts expect that Formula One Group will post 0.98 earnings per share for the current fiscal year.

Insider Activity

In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now directly owns 5,274 shares in the company, valued at $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. Insiders sold 30,817 shares of company stock valued at $2,327,591 in the last quarter. Company insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group in the 2nd quarter valued at about $48,000. Janney Montgomery Scott LLC raised its position in shares of Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after buying an additional 2,514 shares in the last quarter. Finally, Hahn Capital Management LLC boosted its stake in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the period. 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.