Formula One Group (NASDAQ:FWONK) Rating Increased to Sell at StockNews.com

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a report issued on Tuesday morning.

Several other analysts have also weighed in on FWONK. JPMorgan Chase & Co. upped their target price on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, March 6th. Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Wells Fargo & Company dropped their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Finally, Morgan Stanley dropped their price objective on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.33.

Formula One Group Trading Down 3.7 %

FWONK stock opened at $86.71 on Tuesday. The company’s 50-day moving average price is $92.82 and its 200 day moving average price is $88.01. Formula One Group has a 52 week low of $66.37 and a 52 week high of $102.33. The company has a market cap of $21.61 billion, a P/E ratio of 75.40 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, equities research analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its position in Formula One Group by 1,378.8% during the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after acquiring an additional 2,013 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the period. Allstate Corp purchased a new stake in shares of Formula One Group during the 4th quarter worth about $571,000. Everence Capital Management Inc. acquired a new stake in Formula One Group during the 4th quarter worth approximately $827,000. Finally, Janney Montgomery Scott LLC increased its position in Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after purchasing an additional 287 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.