Formula One Group (NASDAQ:FWONK) Short Interest Up 5.3% in January

Formula One Group (NASDAQ:FWONK) was the recipient of a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 4,770,000 shares, an increase of 5.3% from the January 15th total of 4,530,000 shares. Based on an average daily volume of 1,190,000 shares, the days-to-cover ratio is currently 4.0 days.

Formula One Group Stock Down 3.6 %

Shares of NASDAQ:FWONK traded down $3.70 during midday trading on Monday, reaching $98.50. The company’s stock had a trading volume of 2,319,723 shares, compared to its average volume of 968,834. The firm has a market cap of $24.50 billion, a price-to-earnings ratio of 85.65 and a beta of 0.11. The business has a 50 day moving average price of $94.27 and a 200 day moving average price of $84.82. Formula One Group has a 1 year low of $64.37 and a 1 year high of $102.33.

Wall Street Analysts Forecast Growth

FWONK has been the subject of several research reports. Rosenblatt Securities lifted their price objective on Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Finally, Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $98.00.

Insider Buying and Selling

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gregory B. Maffei sold 35,463 shares of the company’s 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 transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hahn Capital Management LLC raised its holdings in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after purchasing an additional 21,699 shares during the period. Greenwood Gearhart Inc. increased its position in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares in the last quarter. Everence Capital Management Inc. purchased a new position in Formula One Group in the fourth quarter valued at approximately $827,000. Allstate Corp acquired a new position in Formula One Group during the fourth quarter valued at approximately $571,000. Finally, Janney Montgomery Scott LLC lifted its position in 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 buying an additional 3,958 shares in the last quarter. Hedge funds and other institutional investors own 92.26% 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.