Formula One Group (NASDAQ:FWONK) Trading 0.5% Higher – Here’s What Happened

Formula One Group (NASDAQ:FWONK)’s stock price shot up 0.5% on Monday . The stock traded as high as $82.99 and last traded at $80.89. 425,960 shares traded hands during trading, a decline of 65% from the average session volume of 1,227,496 shares. The stock had previously closed at $80.50.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a report on Tuesday, April 1st. Wells Fargo & Company reduced 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 research note on Friday, February 28th. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price target on shares of Formula One Group in a research note on Friday, March 7th. Finally, JPMorgan Chase & Co. increased their price objective on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.33.

Formula One Group Trading Down 1.8 %

The company has a market capitalization of $19.71 billion, a price-to-earnings ratio of 68.76 and a beta of 0.32. The stock’s 50 day moving average price is $92.57 and its 200 day moving average price is $88.18.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates 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. On average, research analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Institutional Trading of Formula One Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the fourth quarter valued at approximately $827,000. Hahn Capital Management LLC lifted its holdings 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 valued at $6,226,000 after purchasing an additional 21,699 shares during the last quarter. Greenwood Gearhart Inc. boosted its position in Formula One Group by 8.1% during the third 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 during the period. Janney Montgomery Scott LLC raised its position in shares of Formula One Group by 1.0% in 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. Finally, Allstate Corp acquired a new stake in shares of Formula One Group during the 4th quarter worth about $571,000. 92.26% of the stock is owned by 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.