Formula One Group (NASDAQ:FWONK) Stock Rating Upgraded by StockNews.com

Formula One Group (NASDAQ:FWONK) was upgraded by equities researchers at StockNews.com to a “sell” rating in a research note issued on Friday.

Separately, Morgan Stanley increased their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd.

Formula One Group Stock Up 0.9 %

Shares of NASDAQ:FWONK opened at $77.14 on Friday. The company has a market cap of $18.13 billion, a P/E ratio of 56.31 and a beta of 0.04. The business has a fifty day simple moving average of $77.22 and a 200-day simple moving average of $73.53. Formula One Group has a 52 week low of $61.23 and a 52 week high of $82.23.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The company had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $960.45 million. Sell-side analysts expect that Formula One Group will post 0.98 earnings per share for the current fiscal year.

Insider Transactions at Formula One Group

In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, the director now owns 5,274 shares in the company, valued at $250,040.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,817 shares of company stock valued at $2,327,591. Insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Beach Investment Counsel Inc. PA bought a new position in Formula One Group in the 2nd quarter worth about $48,000. Janney Montgomery Scott LLC boosted its position in shares of Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after buying an additional 2,514 shares during the period. Finally, Hahn Capital Management LLC grew its holdings 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 worth $4,929,000 after buying an additional 17,219 shares in the last quarter. 92.26% of the stock is currently 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.