StockNews.com Downgrades Formula One Group (NASDAQ:FWONK) to Sell

Formula One Group (NASDAQ:FWONK) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Several other equities research analysts have also issued reports on FWONK. Morgan Stanley raised their target price on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. UBS Group assumed coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. Finally, Rosenblatt Securities upped their target price on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Formula One Group presently has a consensus rating of “Hold” and a consensus price target of $88.25.

Formula One Group Price Performance

Shares of NASDAQ FWONK opened at $81.24 on Monday. Formula One Group has a 1-year low of $61.23 and a 1-year high of $86.65. The business’s 50 day moving average is $78.89 and its two-hundred day moving average is $76.20. The stock has a market capitalization of $18.06 billion, a P/E ratio of 69.75 and a beta of 0.01.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. As a group, equities research analysts anticipate that Formula One Group will post 1.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. The trade was a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock worth $2,327,591 in the last three months.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hahn Capital Management LLC increased 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 worth $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after buying an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC increased its position in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares in the last quarter. Greenwood Gearhart Inc. raised its stake in Formula One Group by 8.1% in 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. Finally, MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other 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.