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

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

A number of analysts have recently commented on FWONK shares. UBS Group began coverage on shares of Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Seaport Res Ptn lowered 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 shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Finally, Rosenblatt Securities upped their price target on shares of Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, January 10th.

Insider Buying and Selling at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Several institutional investors and hedge funds have recently bought and sold shares of FWONK. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 16.9% in the 3rd 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 in the last quarter. Lountzis Asset Management LLC grew 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 valued at $461,000 after purchasing an additional 864 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares during the last quarter. Greenwood Gearhart Inc. lifted its stake 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 acquiring an additional 13,146 shares during the last quarter. Finally, Everence Capital Management Inc. bought a new position in shares of Formula One Group in the 4th quarter valued at $827,000. Institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Performance

Shares of FWONK opened at $96.07 on Friday. Formula One Group has a twelve month low of $64.37 and a twelve month high of $96.89. The firm’s 50 day moving average price is $92.02 and its two-hundred day moving average price is $83.21. The firm has a market cap of $23.89 billion, a P/E ratio of 83.54 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. On average, sell-side analysts anticipate that Formula One Group will post 1.36 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.