Formula One Group (NASDAQ:FWONK) Short Interest Up 10.3% in November

Formula One Group (NASDAQ:FWONK) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 4,480,000 shares, a growth of 10.3% from the November 15th total of 4,060,000 shares. Based on an average trading volume of 1,100,000 shares, the days-to-cover ratio is presently 4.1 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. UBS Group initiated coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. Rosenblatt Securities upped their price target on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $88.25.

Formula One Group Price Performance

NASDAQ:FWONK opened at $95.09 on Friday. The business has a fifty day simple moving average of $83.57 and a two-hundred day simple moving average of $78.59. Formula One Group has a 1 year low of $61.44 and a 1 year high of $95.44. The company has a market capitalization of $21.14 billion, a P/E ratio of 82.69 and a beta of 0.18.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. As a group, analysts anticipate that Formula One Group will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. Insiders sold 31,911 shares of company stock worth $2,403,701 over the last three months. 4.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FWONK. Hahn Capital Management LLC raised its position in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC grew its position in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Formula One Group by 3.0% during the 3rd 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. Finally, Greenwood Gearhart Inc. grew its holdings in shares of 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 acquiring an additional 13,146 shares during the period. 92.26% of the stock is currently owned by institutional investors.

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.