Formula One Group (NASDAQ:FWONA) Lowered to “Hold” Rating by Seaport Res Ptn

Formula One Group (NASDAQ:FWONA) was downgraded by research analysts at Seaport Res Ptn from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Separately, Benchmark reiterated a “buy” rating and issued a $81.00 target price on shares of Formula One Group in a research note on Thursday, November 14th.

Formula One Group Price Performance

FWONA opened at $85.00 on Thursday. The firm has a market cap of $19.98 billion, a PE ratio of 73.91 and a beta of 0.18. The stock has a 50-day moving average price of $75.43 and a 200-day moving average price of $71.12. Formula One Group has a 1 year low of $55.80 and a 1 year high of $86.51.

Insiders Place Their Bets

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction dated 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 Securities & Exchange Commission, which is available at this link. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,911 shares of company stock valued at $2,403,701. Company insiders own 4.83% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Formula One Group stock. Lountzis Asset Management LLC bought a new stake in shares of Formula One Group (NASDAQ:FWONA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,079 shares of the company’s stock, valued at approximately $220,000. Institutional investors own 8.38% 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.