Formula One Group (NASDAQ:FWONK) Hits New 52-Week High – Here’s Why

Formula One Group (NASDAQ:FWONK)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $96.90 and last traded at $96.81, with a volume of 49411 shares. The stock had previously closed at $94.90.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Rosenblatt Securities boosted their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Seaport Res Ptn cut 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 shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target on the stock. Finally, Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $95.00 to $115.00 in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three 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 $95.75.

Formula One Group Trading Up 1.0 %

The company has a market cap of $21.30 billion, a price-to-earnings ratio of 82.52 and a beta of 0.18. The business’s 50 day moving average price is $84.38 and its 200-day moving average price is $78.92.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. Equities research analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction 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 transaction, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. The trade was a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,911 shares of company stock valued at $2,403,701 in the last 90 days. Corporate insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FWONK. Lountzis Asset Management LLC increased its position in shares of Formula One Group by 17.0% in 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. MetLife Investment Management LLC increased its stake in shares of Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after buying an additional 203 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after buying an additional 3,958 shares in the last quarter. Hahn Capital Management LLC increased its stake 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, Greenwood Gearhart Inc. raised its stake in Formula One Group by 8.1% during the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

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.