Formula One Group (NASDAQ:FWONK) Reaches New 52-Week High – Here’s Why

Formula One Group (NASDAQ:FWONK)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $99.58 and last traded at $98.47, with a volume of 606040 shares trading hands. The stock had previously closed at $95.09.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. UBS Group assumed coverage on Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target for the company. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Rosenblatt Securities raised their price objective on Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.00.

Formula One Group Trading Up 5.1 %

The stock has a market cap of $24.87 billion, a price-to-earnings ratio of 86.94 and a beta of 0.11. The firm’s 50-day moving average is $92.91 and its two-hundred day moving average is $83.81.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million. On average, analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Formula One Group

In related 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 transaction of $76,109.58. The sale was disclosed in a filing with the SEC, which is accessible 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 value of $2,536,668.39. Following the completion of the sale, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FWONK. Greenwood Gearhart Inc. increased its position 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 purchasing an additional 13,146 shares during the last quarter. Hahn Capital Management LLC grew its stake in shares of Formula One Group by 47.7% during the fourth 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 in the last quarter. Janney Montgomery Scott LLC increased its holdings in Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in Formula One Group in the fourth quarter valued at $827,000. Finally, MetLife Investment Management LLC raised its stake in Formula One Group by 3.0% in the third 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 in the last quarter. Institutional investors and hedge funds own 92.26% 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.