Formula One Group (NASDAQ:FWONK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Formula One Group (NASDAQ:FWONK) has been assigned a consensus recommendation of “Moderate Buy” from the four ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $88.25.

Several research firms have issued reports on FWONK. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. 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 research report on Monday, September 23rd. 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 research report on Friday, November 8th. Finally, UBS Group began coverage on shares of Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock.

Formula One Group Trading Up 3.5 %

Formula One Group stock opened at $91.59 on Thursday. The company has a market capitalization of $20.36 billion, a P/E ratio of 79.64 and a beta of 0.18. The firm’s fifty day simple moving average is $81.32 and its 200-day simple moving average is $77.53. Formula One Group has a 1-year low of $61.23 and a 1-year high of $93.56.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. On average, equities research analysts predict that Formula One Group will post 1.38 earnings per share for the current year.

Insider Activity at Formula One Group

In other news, insider Renee L. Wilm sold 19,202 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. Insiders have sold a total of 31,911 shares of company stock valued at $2,403,701 over the last quarter. 4.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Formula One Group

Several large investors have recently bought and sold shares of the business. Greenwood Gearhart Inc. lifted its holdings in Formula One Group by 8.1% in the third 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. MetLife Investment Management LLC lifted its holdings in Formula One Group by 3.0% in the third 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. Lountzis Asset Management LLC lifted its holdings in Formula One Group by 17.0% in the third 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. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 16.9% in the third 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. Finally, Hahn Capital Management LLC raised its holdings 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 worth $4,929,000 after purchasing an additional 17,219 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.