Hahn Capital Management LLC Sells 23,118 Shares of Formula One Group (NASDAQ:FWONK)

Hahn Capital Management LLC reduced its position in shares of Formula One Group (NASDAQ:FWONK) by 33.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 45,498 shares of the company’s stock after selling 23,118 shares during the quarter. Formula One Group accounts for approximately 2.3% of Hahn Capital Management LLC’s holdings, making the stock its 24th biggest position. Hahn Capital Management LLC’s holdings in Formula One Group were worth $3,523,000 at the end of the most recent quarter.

Separately, Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group during the 2nd quarter valued at approximately $48,000. 92.26% of the stock is currently owned by institutional investors.

Insider Transactions at Formula One Group

In other 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 directly owns 5,274 shares of the company’s stock, valued at $250,040.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 directly owns 5,274 shares of the company’s stock, valued at $250,040.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock valued at $2,327,591 in the last ninety days. Corporate insiders own 4.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FWONK. Morgan Stanley boosted their price objective on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. StockNews.com upgraded Formula One Group to a “sell” rating in a research note on Saturday, October 12th. Finally, UBS Group started coverage on Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target for the company.

Formula One Group Price Performance

FWONK stock opened at $79.40 on Friday. Formula One Group has a 1-year low of $61.23 and a 1-year high of $82.23. The company has a market capitalization of $18.66 billion, a price-to-earnings ratio of 57.96 and a beta of 0.04. The business has a 50 day simple moving average of $77.58 and a two-hundred day simple moving average of $74.61.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.22). The business had revenue of $853.00 million during the quarter, compared to analyst estimates of $960.45 million. Sell-side analysts anticipate that Formula One Group will post 1.01 EPS for the current fiscal year.

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.