Formula One Group (NASDAQ:FWONK) Shares Gap Down After Earnings Miss

Formula One Group (NASDAQ:FWONK) shares gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $94.94, but opened at $89.47. Formula One Group shares last traded at $89.36, with a volume of 567,173 shares traded.

The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion.

Analyst Upgrades and Downgrades

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

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 that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Large investors have recently added to or reduced their stakes in the business. Lountzis Asset Management LLC raised its holdings in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares in the last quarter. Allstate Corp acquired a new position in Formula One Group during the fourth quarter worth $571,000. MetLife Investment Management LLC raised its holdings in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after buying an additional 203 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the fourth quarter worth about $827,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after acquiring an additional 3,958 shares in the last quarter. 92.26% of the stock is owned by institutional investors.

Formula One Group Stock Performance

The company has a market cap of $23.98 billion, a P/E ratio of 83.85 and a beta of 0.11. The firm has a 50 day moving average price of $94.80 and a 200-day moving average price of $86.12.

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.