Formula One Group (NASDAQ:FWONK) Sees Significant Drop in Short Interest

Formula One Group (NASDAQ:FWONK) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 4,060,000 shares, a decline of 5.8% from the October 31st total of 4,310,000 shares. Based on an average daily volume of 1,040,000 shares, the short-interest ratio is presently 3.9 days.

Insider Buying and Selling at Formula One Group

In related news, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares in the company, valued at $250,040.34. This represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,911 shares of company stock worth $2,403,701 over the last 90 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FWONK. Lountzis Asset Management LLC grew its stake 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 valued at $461,000 after buying an additional 864 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of 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 purchasing an additional 203 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the period. Hahn Capital Management LLC lifted its position in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Finally, Greenwood Gearhart Inc. boosted its stake in Formula One Group by 8.1% during 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 period. Institutional investors and hedge funds own 92.26% of the company’s stock.

Formula One Group Stock Performance

Formula One Group stock opened at $88.50 on Wednesday. The firm’s 50 day moving average price is $81.03 and its two-hundred day moving average price is $77.43. The firm has a market cap of $19.67 billion, a price-to-earnings ratio of 76.96 and a beta of 0.18. Formula One Group has a 1 year low of $61.23 and a 1 year high of $89.77.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. As a group, equities analysts predict that Formula One Group will post 1.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FWONK shares. Morgan Stanley boosted their price objective on 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. Rosenblatt Securities boosted their price target on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. UBS Group started coverage on shares of Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective on the stock. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.25.

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.