Formula One Group (NASDAQ:FWONK) Posts Quarterly Earnings Results, Misses Estimates By $1.45 EPS

Formula One Group (NASDAQ:FWONK) issued its earnings results on Thursday. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45), Zacks reports. The company had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion.

Formula One Group Stock Performance

Shares of FWONK stock traded up $4.51 on Friday, reaching $96.43. 3,145,350 shares of the company were exchanged, compared to its average volume of 1,260,791. The company has a market cap of $23.98 billion, a price-to-earnings ratio of 83.85 and a beta of 0.11. The business has a 50-day moving average price of $94.80 and a 200 day moving average price of $86.12. Formula One Group has a 1 year low of $64.37 and a 1 year high of $102.33.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wells Fargo & Company reduced their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley cut their price objective on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $93.40.

Insider Transactions at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.31% 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.