Formula One Group (NASDAQ:FWONA) Shares Gap Down Following Weak Earnings

Formula One Group (NASDAQ:FWONA) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $88.00, but opened at $83.00. Formula One Group shares last traded at $82.57, with a volume of 25,894 shares changing hands.

The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.43 by ($1.46). The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.37 billion.

Analyst Upgrades and Downgrades

FWONA has been the topic of a number of recent analyst reports. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Benchmark reissued a “buy” rating and set a $81.00 price objective on shares of Formula One Group in a research note on Thursday, November 14th. Finally, Wells Fargo & Company began coverage on shares of Formula One Group in a research note on Monday, February 24th. They issued an “underweight” rating and a $83.00 target price for the company.

Insider Buying and Selling at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.83% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FWONA. FNY Investment Advisers LLC boosted its position in Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after acquiring an additional 159 shares during the last quarter. Russell Investments Group Ltd. grew its position in Formula One Group by 67.2% in the fourth 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. Integrated Wealth Concepts LLC grew its position in Formula One Group by 4.2% in the third 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. Finally, Lountzis Asset Management LLC acquired a new stake in Formula One Group in the 3rd quarter valued at $220,000. 8.38% of the stock is owned by institutional investors and hedge funds.

Formula One Group Stock Performance

The firm’s 50-day simple moving average is $87.03 and its 200 day simple moving average is $78.97. The stock has a market capitalization of $22.16 billion, a P/E ratio of 77.50 and a beta of 0.14.

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.