Formula One Group (NASDAQ:FWONK) Trading Up 0.5% – Time to Buy?

Formula One Group (NASDAQ:FWONK)’s share price rose 0.5% on Monday . The stock traded as high as $82.99 and last traded at $80.89. Approximately 425,960 shares were traded during trading, a decline of 65% from the average daily volume of 1,227,496 shares. The stock had previously closed at $80.50.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FWONK shares. StockNews.com raised shares of Formula One Group to a “sell” rating in a research report on Tuesday, April 1st. Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. JPMorgan Chase & Co. raised their price objective on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, March 6th. Morgan Stanley reduced their target price on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Rosenblatt Securities restated a “buy” rating and set a $102.00 price target on shares of Formula One Group in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.33.

Formula One Group Stock Down 1.8 %

The stock’s 50-day moving average price is $92.57 and its 200-day moving average price is $88.18. The company has a market capitalization of $19.71 billion, a price-to-earnings ratio of 68.76 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to analysts’ expectations of $1.37 billion. On average, equities research analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently modified their holdings of the business. Hahn Capital Management LLC increased its stake in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares during the last quarter. Greenwood Gearhart Inc. increased its stake 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 purchasing an additional 13,146 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in Formula One Group in the fourth quarter worth $827,000. California State Teachers Retirement System boosted its position in shares of Formula One Group by 1.8% during the fourth quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock worth $32,518,000 after purchasing an additional 6,297 shares in the last quarter. Finally, Allstate Corp bought a new position in shares of Formula One Group during the fourth quarter worth $571,000. Institutional investors and hedge funds own 92.26% of the company’s stock.

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.