Formula One Group (NASDAQ:FWONK) Earns Neutral Rating from Analysts at UBS Group

UBS Group assumed coverage on shares of Formula One Group (NASDAQ:FWONK) in a report released on Thursday, Marketbeat reports. The brokerage issued a neutral rating and a $85.00 price objective on the stock.

Several other equities research analysts have also commented on FWONK. Morgan Stanley upped their price objective on Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. StockNews.com upgraded Formula One Group to a “sell” rating in a research note on Saturday, October 12th.

Formula One Group Price Performance

NASDAQ FWONK opened at $80.28 on Thursday. The business’s fifty day moving average price is $77.34 and its 200-day moving average price is $74.32. The stock has a market capitalization of $18.87 billion, a price-to-earnings ratio of 58.60 and a beta of 0.04. Formula One Group has a 1-year low of $61.23 and a 1-year high of $82.23.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $960.45 million. Equities research analysts anticipate that Formula One Group will post 1.01 EPS for the current year.

Insiders Place Their Bets

In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction dated 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 owns 5,274 shares of the company’s stock, valued at $250,040.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,817 shares of company stock worth $2,327,591. Corporate insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Institutional investors have recently added to or reduced their stakes in the company. Hahn Capital Management LLC grew 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 last quarter. Beach Investment Counsel Inc. PA acquired a new stake in shares of Formula One Group during the second quarter worth $48,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after buying an additional 2,514 shares during the period. Institutional investors 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.