Formula One Group (NASDAQ:FWONK) Stock Price Passes Above 50 Day Moving Average – What’s Next?

Shares of Formula One Group (NASDAQ:FWONK) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $92.47 and traded as high as $96.64. Formula One Group shares last traded at $95.70, with a volume of 920,450 shares.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FWONK shares. Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. 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 research note on Friday, January 10th. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, UBS Group started coverage on Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $98.00.

Formula One Group Price Performance

The stock has a market capitalization of $23.80 billion, a PE ratio of 83.22 and a beta of 0.11. The firm has a fifty day moving average price of $92.47 and a two-hundred day moving average price of $83.45.

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

Insider Activity at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors and hedge funds have recently bought and sold shares of FWONK. Everence Capital Management Inc. purchased a new position in shares of Formula One Group in the fourth quarter worth about $827,000. Greenwood Gearhart Inc. lifted its holdings in shares of Formula One Group by 8.1% during the third 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 in the last quarter. Janney Montgomery Scott LLC grew its position in Formula One Group by 1.0% during 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 period. MetLife Investment Management LLC lifted its position in Formula One Group by 3.0% during 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 in the last quarter. Finally, Lountzis Asset Management LLC grew its stake 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 acquiring an additional 864 shares during the period. 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.