Formula One Group (NASDAQ:FWONA) Director Sells $9,638,000.00 in Stock

Formula One Group (NASDAQ:FWONA) Director Chase Carey sold 100,000 shares of Formula One Group stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $96.38, for a total value of $9,638,000.00. Following the sale, the director now directly owns 93,102 shares in the company, valued at $8,973,170.76. The trade was a 51.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Formula One Group Stock Down 0.0%

Shares of NASDAQ FWONA opened at $88.51 on Thursday. The stock has a market capitalization of $22.06 billion, a price-to-earnings ratio of 76.97 and a beta of 0.40. The stock’s fifty day simple moving average is $78.87 and its 200 day simple moving average is $82.03. Formula One Group has a 52-week low of $62.02 and a 52-week high of $95.33.

Formula One Group (NASDAQ:FWONA) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The company had revenue of $400.00 million during the quarter, compared to analyst estimates of $440.80 million. As a group, analysts anticipate that Formula One Group will post 1.46 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds have recently modified their holdings of FWONA. Janney Montgomery Scott LLC grew its holdings in shares of Formula One Group by 74.0% during the first quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company’s stock valued at $1,497,000 after buying an additional 7,811 shares in the last quarter. Gabelli Funds LLC grew its holdings in shares of Formula One Group by 2.3% during the first quarter. Gabelli Funds LLC now owns 115,150 shares of the company’s stock valued at $9,381,000 after buying an additional 2,625 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Formula One Group by 2.2% during the first quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company’s stock valued at $4,835,000 after buying an additional 1,300 shares in the last quarter. Quantbot Technologies LP grew its stake in Formula One Group by 61.6% in the first quarter. Quantbot Technologies LP now owns 2,404 shares of the company’s stock valued at $196,000 after purchasing an additional 916 shares in the last quarter. Finally, S&CO Inc. grew its stake in Formula One Group by 1.0% in the first quarter. S&CO Inc. now owns 67,554 shares of the company’s stock valued at $5,503,000 after purchasing an additional 660 shares in the last quarter. 8.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on FWONA. Susquehanna began coverage on Formula One Group in a research note on Monday, April 28th. They set a “positive” rating and a $115.00 target price on the stock. Wells Fargo & Company began coverage on Formula One Group in a research note on Monday, February 24th. They issued an “underweight” rating and a $83.00 price objective on the stock. Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 15th. Finally, Guggenheim reissued a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $90.50.

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.