Formula One Group (NASDAQ:FWONK) Shares Up 3.8% – Here’s Why

Formula One Group (NASDAQ:FWONK) shares were up 3.8% on Friday . The stock traded as high as $83.60 and last traded at $82.79. Approximately 1,238,805 shares traded hands during trading, a decline of 1% from the average daily volume of 1,251,488 shares. The stock had previously closed at $79.77.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. JPMorgan Chase & Co. boosted their price target 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. StockNews.com upgraded Formula One Group to a “sell” rating in a research report on Tuesday, April 1st. Finally, Morgan Stanley reduced their target price on 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. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Formula One Group has an average rating of “Moderate Buy” and a consensus target price of $95.33.

Formula One Group Trading Up 3.8 %

The business’s fifty day moving average price is $88.92 and its 200-day moving average price is $88.12. The company has a market capitalization of $20.64 billion, a P/E ratio of 71.99 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to analysts’ expectations of $1.37 billion. As a group, equities research analysts forecast that Formula One Group will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds have recently made changes to their positions in the business. Everence Capital Management Inc. bought a new stake in shares of Formula One Group in the 4th quarter valued at about $827,000. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after purchasing an additional 287 shares during the period. Hahn Capital Management LLC grew its holdings in shares of Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after purchasing an additional 21,699 shares during the last quarter. Allstate Corp purchased a new position in shares of Formula One Group in the fourth quarter worth $571,000. Finally, Greenwood Gearhart Inc. increased its stake in shares of Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after buying an additional 4,761 shares during the period. 92.26% of the stock is currently owned by institutional investors.

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.