Formula One Group (NASDAQ:FWONK) Hits New 1-Year High on Earnings Beat

Formula One Group (NASDAQ:FWONK)’s stock price hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $85.61 and last traded at $85.59, with a volume of 2839717 shares traded. The stock had previously closed at $80.96.

The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FWONK shares. Rosenblatt Securities boosted their target price on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. UBS Group started coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price on the stock. Morgan Stanley boosted their target price on Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Finally, StockNews.com upgraded Formula One Group to a “sell” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $88.25.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the company’s 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 sale, the director now directly owns 5,274 shares in the company, valued at $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 is available at this link. In other news, CAO Brian J. Wendling sold 10,011 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction that occurred 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 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 position. 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. 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 the business. Lountzis Asset Management LLC grew its stake in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Formula One Group by 16.9% in the third 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 in the last quarter. Hahn Capital Management LLC grew its stake 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 in the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new position in Formula One Group in the second quarter worth approximately $48,000. Institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Up 5.7 %

The company has a market cap of $17.96 billion, a P/E ratio of 74.43 and a beta of 0.01. The firm has a 50 day moving average of $78.51 and a 200-day moving average of $75.91.

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.