Formula One Group (NASDAQ:FWONK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Formula One Group (NASDAQ:FWONK) has been given a consensus rating of “Moderate Buy” by the five ratings firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $98.00.

Several research analysts have commented on the stock. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. UBS Group initiated coverage on Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price for the company. Rosenblatt Securities raised their price target on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th.

Formula One Group Price Performance

Formula One Group stock opened at $91.65 on Friday. The firm has a market cap of $22.79 billion, a PE ratio of 79.70 and a beta of 0.11. The stock’s fifty day moving average price is $90.90 and its two-hundred day moving average price is $82.56. Formula One Group has a one year low of $64.37 and a one year high of $96.89.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. Sell-side analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was 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 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 transaction was disclosed in a filing with the SEC, which is accessible through 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. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Several institutional investors have recently added to or reduced their stakes in FWONK. Everence Capital Management Inc. bought a new position in shares of Formula One Group in the 4th quarter worth about $827,000. Greenwood Gearhart Inc. increased its holdings in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after buying an additional 203 shares during the period. Janney Montgomery Scott LLC lifted 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 valued at $2,117,000 after buying an additional 3,958 shares during the period. Finally, Lountzis Asset Management LLC boosted its holdings in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after buying an additional 864 shares in the last quarter. 92.26% of the stock is currently owned by 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.