Formula One Group (NASDAQ:FWONK) Stock Price Crosses Above 50 Day Moving Average – Time to Sell?

Formula One Group (NASDAQ:FWONK)’s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $77.34 and traded as high as $77.60. Formula One Group shares last traded at $76.43, with a volume of 1,046,981 shares.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FWONK. Morgan Stanley raised their target price on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. StockNews.com raised shares of Formula One Group to a “sell” rating in a research note on Friday.

Formula One Group Stock Performance

The firm’s 50 day moving average is $77.22 and its 200 day moving average is $73.49. The stock has a market cap of $18.13 billion, a P/E ratio of 56.31 and a beta of 0.04.

Formula One Group (NASDAQ:FWONK) last released its 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 business had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. As a group, analysts expect that Formula One Group will post 0.98 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Brian J. Wendling sold 10,011 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $73.80, for a total value of $738,811.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,817 shares of company stock worth $2,327,591. 4.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FWONK. Beach Investment Counsel Inc. PA acquired a new position in Formula One Group in the 2nd quarter valued at about $48,000. Janney Montgomery Scott LLC raised its position in Formula One Group by 13.6% in 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 during the period. Finally, Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Hedge funds and other 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.