Formula One Group (NASDAQ:FWONA) Given Average Recommendation of “Hold” by Brokerages

Shares of Formula One Group (NASDAQ:FWONA) have received a consensus recommendation of “Hold” from the five research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $82.33.

FWONA has been the subject of several research reports. Wells Fargo & Company started coverage on shares of Formula One Group in a research report on Monday, February 24th. They set an “underweight” rating and a $83.00 price objective for the company. Guggenheim reiterated a “buy” rating on shares of Formula One Group in a report on Monday, March 3rd. Finally, Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th.

Insiders Place Their Bets

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction on 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 completion of the sale, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.83% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FWONA. Lountzis Asset Management LLC bought a new position in Formula One Group in the 3rd quarter worth about $220,000. Integrated Wealth Concepts LLC lifted its stake in shares of Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after buying an additional 300 shares during the period. Russell Investments Group Ltd. boosted its position in Formula One Group by 67.2% in the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after buying an additional 266 shares during the last quarter. Finally, FNY Investment Advisers LLC lifted its holdings in shares of Formula One Group by 25.6% in the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after buying an additional 159 shares during the period. Institutional investors own 8.38% of the company’s stock.

Formula One Group Stock Performance

Shares of Formula One Group stock opened at $78.08 on Monday. Formula One Group has a twelve month low of $57.43 and a twelve month high of $95.33. The firm’s 50-day simple moving average is $86.29 and its 200-day simple moving average is $79.70. The firm has a market cap of $19.46 billion, a P/E ratio of 67.90 and a beta of 0.15.

Formula One Group (NASDAQ:FWONA) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($1.46). The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, equities analysts forecast that Formula One Group will post 1.46 earnings per share for the current fiscal year.

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.