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

StockNews.com downgraded shares of Formula One Group (NASDAQ:FWONK) from a hold rating to a sell rating in a report released on Monday morning.

A number of other analysts have also recently weighed in on FWONK. Morgan Stanley increased their price target on shares of 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. UBS Group initiated coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock. Finally, Rosenblatt Securities upped their price objective on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Formula One Group currently has an average rating of “Hold” and an average price target of $88.25.

Formula One Group Stock Performance

Shares of FWONK stock opened at $80.47 on Monday. The stock’s 50-day moving average is $78.79 and its two-hundred day moving average is $76.14. Formula One Group has a 1 year low of $61.23 and a 1 year high of $86.65. The firm has a market cap of $17.89 billion, a price-to-earnings ratio of 69.97 and a beta of 0.01.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. As a group, research analysts predict that Formula One Group will post 1.24 EPS for the current year.

Insider Transactions at Formula One Group

In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $73.80, for a total value of $738,811.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Insiders have sold a total of 30,817 shares of company stock worth $2,327,591 over the last ninety days. 4.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Beach Investment Counsel Inc. PA purchased a new stake in shares of Formula One Group in the second quarter valued at $48,000. Lountzis Asset Management LLC raised its stake in Formula One Group by 17.0% in the 3rd 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 during the last quarter. MetLife Investment Management LLC lifted its holdings in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Hahn Capital Management LLC grew its holdings in shares of 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 buying an additional 17,219 shares in the last quarter. Institutional investors and hedge funds 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.