Formula One Group (NASDAQ:FWONK) Short Interest Update

Formula One Group (NASDAQ:FWONK) saw a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 4,840,000 shares, a growth of 10.8% from the December 15th total of 4,370,000 shares. Based on an average daily volume of 1,110,000 shares, the short-interest ratio is currently 4.4 days.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th. Rosenblatt Securities raised their price target on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, UBS Group assumed coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Formula One Group has a consensus rating of “Hold” and a consensus price target of $98.00.

Formula One Group Price Performance

Shares of NASDAQ FWONK traded up $1.20 during trading hours on Monday, hitting $91.20. 769,892 shares of the stock were exchanged, compared to its average volume of 1,003,555. The firm has a market capitalization of $22.68 billion, a P/E ratio of 79.31 and a beta of 0.11. Formula One Group has a one year low of $62.49 and a one year high of $96.89. The company’s 50 day moving average is $90.40 and its 200 day moving average is $82.24.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. Research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC raised its stake in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC increased its holdings in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the period. MetLife Investment Management LLC raised its position in shares of Formula One Group by 3.0% during 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 last quarter. Greenwood Gearhart Inc. lifted its stake in shares of 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. Finally, Everence Capital Management Inc. acquired a new stake in Formula One Group during the fourth quarter worth about $827,000. Institutional investors and hedge funds own 92.26% 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.