Formula One Group (NASDAQ:FWONK) Receives $98.00 Consensus PT from Analysts

Formula One Group (NASDAQ:FWONK) has been assigned an average rating of “Moderate Buy” from the five analysts that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $98.00.

A number of equities research analysts have weighed in on FWONK shares. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Rosenblatt Securities lifted their price objective on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, January 10th. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Finally, Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th.

Formula One Group Trading Down 1.0 %

Shares of Formula One Group stock opened at $96.84 on Tuesday. The company has a market cap of $24.09 billion, a P/E ratio of 84.21 and a beta of 0.11. The business has a 50-day moving average price of $94.74 and a two-hundred day moving average price of $85.50. Formula One Group has a 1-year low of $64.37 and a 1-year high of $102.33.

Insider Activity at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.31% of the stock is currently owned by insiders.

Institutional Trading of Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group in the fourth quarter valued at about $827,000. Greenwood Gearhart Inc. grew its position in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares in the last quarter. Finally, Lountzis Asset Management LLC boosted its stake in shares of Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after buying an additional 864 shares during the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.