Formula One Group (NASDAQ:FWONK) Upgraded by StockNews.com to Sell Rating

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a research note issued to investors on Wednesday.

FWONK has been the subject of several other reports. UBS Group assumed coverage on Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price for the company. Morgan Stanley raised their price target on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd.

Formula One Group Price Performance

Shares of FWONK stock opened at $80.65 on Wednesday. The company has a fifty day moving average price of $77.83 and a two-hundred day moving average price of $75.12. Formula One Group has a one year low of $61.23 and a one year high of $82.23. The stock has a market cap of $16.92 billion, a P/E ratio of 76.08 and a beta of 0.04.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The company had revenue of $853.00 million for the quarter, compared to analyst estimates of $960.45 million. As a group, equities research analysts anticipate that Formula One Group will post 1.01 EPS for the current fiscal year.

Insider Transactions at Formula One Group

In related news, Director Andrea L. Wong sold 1,604 shares of the company’s 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 transaction, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock worth $2,327,591 over the last quarter. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FWONK. Beach Investment Counsel Inc. PA acquired a new stake in shares of Formula One Group during the 2nd quarter worth approximately $48,000. Janney Montgomery Scott LLC raised its position in Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after purchasing an additional 2,514 shares in the last quarter. Finally, Hahn Capital Management LLC lifted its stake in Formula One Group by 33.5% during 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. Institutional investors 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.