Wells Fargo & Company Begins Coverage on Formula One Group (NASDAQ:FWONA)

Research analysts at Wells Fargo & Company assumed coverage on shares of Formula One Group (NASDAQ:FWONA) in a research note issued to investors on Monday,Benzinga reports. The brokerage set an “underweight” rating and a $83.00 price target on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 8.65% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $81.00 price target on shares of Formula One Group in a report on Thursday, November 14th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th.

Formula One Group Stock Up 0.7 %

Shares of NASDAQ:FWONA traded up $0.63 during trading on Monday, reaching $90.86. 93,150 shares of the company traded hands, compared to its average volume of 96,310. The firm has a market capitalization of $22.60 billion, a PE ratio of 78.98 and a beta of 0.14. Formula One Group has a 52 week low of $57.43 and a 52 week high of $95.33. The company’s 50 day moving average is $86.76 and its two-hundred day moving average is $78.36.

Insider Buying and Selling

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its position in Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after acquiring an additional 266 shares in the last quarter. FNY Investment Advisers LLC lifted its holdings 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 purchasing an additional 159 shares in the last quarter. Lountzis Asset Management LLC purchased a new position in shares of Formula One Group during the third quarter valued at approximately $220,000. Finally, Integrated Wealth Concepts LLC grew its holdings in Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds 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.