Formula One Group (NASDAQ:FWONK) Announces Quarterly Earnings Results

Formula One Group (NASDAQ:FWONK) posted its earnings results on Thursday. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45), Zacks reports. The business had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion.

Formula One Group Trading Up 4.9 %

FWONK traded up $4.51 during trading hours on Friday, hitting $96.43. 3,145,350 shares of the company’s stock were exchanged, compared to its average volume of 1,260,791. Formula One Group has a 12-month low of $64.37 and a 12-month high of $102.33. The firm has a 50 day moving average of $94.80 and a 200 day moving average of $86.12. The firm has a market cap of $23.98 billion, a P/E ratio of 83.85 and a beta of 0.11.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FWONK. Morgan Stanley decreased their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday. Wells Fargo & Company decreased their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $93.40.

Insider Buying and Selling

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 4.31% of the stock is owned by insiders.

Formula One Group Company Profile

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.