Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) Price Target Raised to $124.00

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) had its target price increased by JPMorgan Chase & Co. from $111.00 to $124.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also issued reports on FWONK. Wells Fargo & Company lifted their price target on shares of Liberty Media Corporation – Liberty Formula One Series C from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. UBS Group decreased their price objective on Liberty Media Corporation – Liberty Formula One Series C from $107.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, April 15th. Bank of America raised their price objective on Liberty Media Corporation – Liberty Formula One Series C from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Wall Street Zen upgraded Liberty Media Corporation – Liberty Formula One Series C from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings raised Liberty Media Corporation – Liberty Formula One Series C from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Liberty Media Corporation – Liberty Formula One Series C presently has an average rating of “Hold” and a consensus target price of $110.20.

Liberty Media Corporation – Liberty Formula One Series C Price Performance

FWONK opened at $96.48 on Tuesday. The business’s 50-day moving average is $92.81 and its two-hundred day moving average is $89.56. Liberty Media Corporation – Liberty Formula One Series C has a 1 year low of $80.15 and a 1 year high of $109.36. The firm has a market capitalization of $21.62 billion, a PE ratio of 44.26 and a beta of 0.44.

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) last announced its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.09. The firm had revenue of $711.00 million during the quarter, compared to the consensus estimate of $683.42 million. As a group, sell-side analysts expect that Liberty Media Corporation – Liberty Formula One Series C will post 1.91 EPS for the current year.

Insider Activity

In related news, insider Renee L. Wilm sold 11,597 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $90.09, for a total value of $1,044,773.73. Following the transaction, the insider owned 15,590 shares in the company, valued at approximately $1,404,503.10. This represents a 42.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Chase Carey sold 100,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $90.28, for a total transaction of $9,028,000.00. Following the completion of the sale, the director directly owned 94,356 shares in the company, valued at $8,518,459.68. This trade represents a 51.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Invesco Ltd. boosted its holdings in Liberty Media Corporation – Liberty Formula One Series C by 51.0% in the second quarter. Invesco Ltd. now owns 504,313 shares of the company’s stock valued at $52,701,000 after purchasing an additional 170,435 shares during the last quarter. Cresset Asset Management LLC purchased a new position in shares of Liberty Media Corporation – Liberty Formula One Series C during the 2nd quarter valued at about $502,000. Daiwa Securities Group Inc. raised its stake in shares of Liberty Media Corporation – Liberty Formula One Series C by 20.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 37,335 shares of the company’s stock valued at $3,902,000 after buying an additional 6,285 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Liberty Media Corporation – Liberty Formula One Series C in the 2nd quarter valued at about $1,863,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Liberty Media Corporation – Liberty Formula One Series C in the 2nd quarter valued at about $1,255,000. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Liberty Media Corporation – Liberty Formula One Series C Company Profile

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ: FWONK) is a tracking stock that represents Liberty Media’s economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world’s largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.