Formula One Group (NASDAQ:FWONK) Shares Down 3% – Time to Sell?

Shares of Formula One Group (NASDAQ:FWONK) dropped 3% during trading on Wednesday . The company traded as low as $75.70 and last traded at $76.95. Approximately 198,732 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 1,231,570 shares. The stock had previously closed at $79.34.

Analyst Ratings Changes

FWONK has been the topic of a number of research reports. JPMorgan Chase & Co. upped their target price on shares of Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. Wells Fargo & Company cut 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, February 28th. Morgan Stanley dropped their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. StockNews.com upgraded Formula One Group to a “sell” rating in a research report on Tuesday, April 1st. Finally, Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.33.

Formula One Group Trading Down 3.5 %

The firm has a market cap of $19.09 billion, a price-to-earnings ratio of 65.94 and a beta of 0.32. The company has a 50 day moving average of $91.66 and a 200 day moving average of $88.13.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share 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. Equities analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. bought a new stake in shares of Formula One Group in the fourth quarter valued at about $827,000. Hahn Capital Management LLC boosted its position in Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after acquiring an additional 21,699 shares during the last quarter. Greenwood Gearhart Inc. boosted its position in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of 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 acquiring an additional 287 shares in the last quarter. Finally, Allstate Corp acquired a new stake in shares of Formula One Group in the fourth quarter valued at approximately $571,000. 92.26% of the stock is 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.