StockNews.com Upgrades Formula One Group (NASDAQ:FWONK) to “Sell”

Formula One Group (NASDAQ:FWONK) was upgraded by stock analysts at StockNews.com to a “sell” rating in a research report issued on Tuesday.

Several other research firms also recently commented on FWONK. Morgan Stanley reduced their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Rosenblatt Securities restated a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. Wells Fargo & Company lowered their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. raised their price target on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.33.

Formula One Group Price Performance

Shares of NASDAQ:FWONK opened at $90.05 on Tuesday. The firm has a market capitalization of $22.45 billion, a PE ratio of 78.31 and a beta of 0.32. The business has a 50 day simple moving average of $92.91 and a two-hundred day simple moving average of $88.02. Formula One Group has a 1 year low of $65.89 and a 1 year high of $102.33.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Equities research analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Several institutional investors have recently bought and sold shares of FWONK. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group during the 4th quarter valued at $827,000. Hahn Capital Management LLC increased its holdings in shares of Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. raised its position in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after purchasing an additional 287 shares in the last quarter. Finally, MetLife Investment Management LLC grew its position in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.