Formula One Group (NASDAQ:FWONK) Given Buy Rating at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Formula One Group (NASDAQ:FWONK) in a report issued on Friday,Benzinga reports. They currently have a $102.00 price target on the stock.

Other research analysts have also issued reports about the stock. Morgan Stanley decreased their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company dropped their price target on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. JPMorgan Chase & Co. upped their target price on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.33.

Formula One Group Stock Performance

FWONK stock opened at $89.26 on Friday. Formula One Group has a one year low of $64.37 and a one year high of $102.33. The firm’s fifty day moving average is $94.53 and its 200 day moving average is $86.63. The firm has a market cap of $22.20 billion, a PE ratio of 77.62 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Research analysts predict that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling 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 value of $2,536,668.39. Following the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Lountzis Asset Management LLC grew its holdings in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares in the last quarter. Allstate Corp purchased a new position in Formula One Group in the 4th quarter valued at approximately $571,000. MetLife Investment Management LLC grew its stake in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group during the fourth quarter worth $827,000. Finally, Janney Montgomery Scott LLC raised its stake in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after acquiring an additional 3,958 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.