Formula One Group (NASDAQ:FWONK) Trading Down 5.2% – Should You Sell?

Shares of Formula One Group (NASDAQ:FWONK) were down 5.2% during trading on Thursday . The stock traded as low as $85.03 and last traded at $85.41. Approximately 335,090 shares were traded during trading, a decline of 73% from the average daily volume of 1,219,426 shares. The stock had previously closed at $90.05.

Analysts Set New Price Targets

FWONK has been the subject of a number of analyst reports. StockNews.com raised Formula One Group to a “sell” rating in a research note on Tuesday. Morgan Stanley dropped their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company decreased their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. Finally, JPMorgan Chase & Co. boosted their price target on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.33.

Formula One Group Price Performance

The company has a 50 day moving average of $92.57 and a two-hundred day moving average of $88.03. The company has a market capitalization of $20.07 billion, a PE ratio of 70.00 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. On average, equities analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc boosted its stake in shares of Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock worth $194,000 after acquiring an additional 2,013 shares during the period. MetLife Investment Management LLC boosted its stake in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the period. Allstate Corp purchased a new stake in Formula One Group during the 4th quarter valued at approximately $571,000. Everence Capital Management Inc. purchased a new stake in Formula One Group during the 4th quarter valued at approximately $827,000. Finally, Janney Montgomery Scott LLC raised its position in shares of 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 last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.