Formula One Group (NASDAQ:FWONA) Sets New 1-Year High – Here’s Why

Formula One Group (NASDAQ:FWONA) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $89.13 and last traded at $88.51, with a volume of 3547 shares trading hands. The stock had previously closed at $88.28.

Analyst Upgrades and Downgrades

FWONA has been the topic of a number of research reports. Benchmark reaffirmed a “buy” rating and issued a $81.00 price target on shares of Formula One Group in a research note on Thursday, November 14th. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th.

Formula One Group Stock Performance

The stock has a market cap of $21.88 billion, a price-to-earnings ratio of 76.51 and a beta of 0.14. The business has a 50-day simple moving average of $84.45 and a two-hundred day simple moving average of $76.61.

Formula One Group (NASDAQ:FWONA) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.31 by $0.17. The business had revenue of $848.00 million for the quarter, compared to analyst estimates of $825.00 million. During the same quarter in the previous year, the company posted $0.39 EPS. On average, analysts expect that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Formula One Group

In related news, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now 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 disclosure for this sale can be found here.

Institutional Trading of Formula One Group

Several hedge funds and other institutional investors have recently modified their holdings of FWONA. Integrated Wealth Concepts LLC grew its position in shares of Formula One Group by 4.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after purchasing an additional 300 shares in the last quarter. Lountzis Asset Management LLC acquired a new stake in shares of Formula One Group in the third quarter valued at approximately $220,000. Finally, FNY Investment Advisers LLC boosted its stake in shares of Formula One Group by 25.6% in 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. Institutional investors own 8.38% of the company’s stock.

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.