Formula One Group (NASDAQ:FWONK) Rating Increased to Sell at StockNews.com

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a research note issued to investors on Saturday.

Separately, Morgan Stanley lifted 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 Price Performance

Shares of NASDAQ:FWONK opened at $79.90 on Friday. The firm has a market capitalization of $18.78 billion, a PE ratio of 58.32 and a beta of 0.04. Formula One Group has a 1 year low of $61.23 and a 1 year high of $82.23. The firm’s 50-day moving average is $77.04 and its two-hundred day moving average is $74.09.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share 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. Analysts expect that Formula One Group will post 1.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $73.80, for a total value of $738,811.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was 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. Over the last quarter, insiders sold 30,817 shares of company stock worth $2,327,591. 4.31% of the stock is owned by corporate insiders.

Institutional Trading of Formula One Group

Large investors have recently made changes to their positions in the stock. Hahn Capital Management LLC increased its stake in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Formula One Group by 13.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA purchased a new position in shares of Formula One Group during the 2nd quarter worth about $48,000. Institutional investors and hedge funds own 92.26% of the company’s stock.

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.