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

Shares of Formula One Group (NASDAQ:FWONA) have received an average recommendation of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $82.33.

Several research firms have recently commented on FWONA. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Saturday, March 15th. Guggenheim reiterated a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd. Finally, Wells Fargo & Company began coverage on shares of Formula One Group in a research note on Monday, February 24th. They issued an “underweight” rating and a $83.00 price objective for the company.

Formula One Group Stock Performance

Formula One Group stock opened at $71.68 on Friday. Formula One Group has a fifty-two week low of $58.96 and a fifty-two week high of $95.33. The business’s 50-day simple moving average is $84.22 and its two-hundred day simple moving average is $80.78. The company has a market cap of $17.87 billion, a PE ratio of 62.33 and a beta of 0.39.

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

Hedge Funds Weigh In On Formula One Group

Several hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its stake in Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after purchasing an additional 266 shares during the last quarter. FNY Investment Advisers LLC lifted its stake in shares of Formula One Group by 25.6% during the fourth 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. Finally, Integrated Wealth Concepts LLC boosted its position in 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 acquiring an additional 300 shares during the last quarter. Hedge funds and other 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.