Formula One Group (NASDAQ:FWONA) Given Buy Rating at Benchmark

Benchmark reissued their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a research note published on Thursday,Benzinga reports. The firm currently has a $81.00 price objective on the stock.

Formula One Group Stock Down 3.8 %

Shares of FWONA stock opened at $74.33 on Thursday. Formula One Group has a 12-month low of $55.25 and a 12-month high of $79.67. The firm has a fifty day moving average of $72.74 and a 200-day moving average of $69.46. The firm has a market capitalization of $17.47 billion, a price-to-earnings ratio of 64.63 and a beta of 0.05.

Insider Activity

In other news, CAO Brian J. Wendling sold 10,011 shares of Formula One Group 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 document filed with the SEC, which is available at this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock valued at $2,327,591 in the last quarter. Company insiders own 4.83% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Lountzis Asset Management LLC acquired a new position in Formula One Group during the 3rd quarter worth about $220,000. Integrated Wealth Concepts LLC lifted its stake in shares of Formula One Group by 4.2% in the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after acquiring an additional 300 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in Formula One Group by 13.5% in the first quarter. Janney Montgomery Scott LLC now owns 13,413 shares of the company’s stock valued at $788,000 after acquiring an additional 1,600 shares during the last quarter. Institutional investors own 8.38% 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.