Research Analysts Issue Forecasts for FWONK FY2024 Earnings

Formula One Group (NASDAQ:FWONK) – Stock analysts at Seaport Res Ptn dropped their FY2024 EPS estimates for shares of Formula One Group in a research note issued on Wednesday, December 4th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings per share of $1.46 for the year, down from their prior estimate of $1.54. Seaport Res Ptn has a “Hold” rating on the stock. The consensus estimate for Formula One Group’s current full-year earnings is $1.36 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q4 2024 earnings at $0.58 EPS, Q1 2025 earnings at ($0.29) EPS, Q3 2025 earnings at $0.23 EPS and FY2025 earnings at $0.80 EPS.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million.

A number of other research analysts have also weighed in on the stock. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. UBS Group started coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Rosenblatt Securities raised their price target on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Morgan Stanley raised their price target on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $88.25.

Formula One Group Price Performance

FWONK opened at $90.47 on Monday. The company’s 50 day simple moving average is $82.50 and its two-hundred day simple moving average is $78.15. Formula One Group has a 1-year low of $61.44 and a 1-year high of $94.84. The firm has a market capitalization of $20.11 billion, a price-to-earnings ratio of 78.67 and a beta of 0.17.

Insider Transactions at Formula One Group

In related news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the sale, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 23.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Insiders sold 31,911 shares of company stock worth $2,403,701 in the last 90 days.

Institutional Trading of Formula One Group

Several institutional investors have recently added to or reduced their stakes in FWONK. Hahn Capital Management LLC boosted its position in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the period. Greenwood Gearhart Inc. boosted 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 valued at $13,640,000 after buying an additional 13,146 shares during the period. Janney Montgomery Scott LLC boosted its position in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after buying an additional 3,958 shares during the period. Lountzis Asset Management LLC boosted its position in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during the period. Finally, MetLife Investment Management LLC boosted its position in Formula One Group by 3.0% in the 3rd 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 during the period. Institutional investors and hedge funds own 92.26% of the company’s stock.

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.