StockNews.com Upgrades Formula One Group (NASDAQ:FWONK) to “Sell”

Formula One Group (NASDAQ:FWONK) was upgraded by research analysts at StockNews.com to a “sell” rating in a research report issued to clients and investors on Friday.

Other analysts have also issued research reports about the stock. UBS Group started coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target for the company. Morgan Stanley lifted their target price on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Finally, Rosenblatt Securities lifted their target price on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Formula One Group currently has a consensus rating of “Hold” and a consensus target price of $88.25.

Formula One Group Price Performance

Shares of NASDAQ:FWONK traded up $0.91 during trading on Friday, reaching $81.45. The stock had a trading volume of 1,353,273 shares, compared to its average volume of 1,154,757. The stock has a market capitalization of $17.09 billion, a PE ratio of 76.84 and a beta of 0.01. The business’s 50-day moving average price is $78.21 and its 200 day moving average price is $75.59. Formula One Group has a 52 week low of $61.23 and a 52 week high of $85.60.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The company had revenue of $853.00 million for the quarter, compared to analyst estimates of $960.45 million. Analysts forecast that Formula One Group will post 1.01 EPS for the current year.

Insider Activity

In other news, CAO Brian J. Wendling sold 10,011 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. Insiders sold 30,817 shares of company stock valued at $2,327,591 in the last quarter.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its position in Formula One Group by 13.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after buying an additional 2,514 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group during the 2nd quarter worth about $48,000. Hahn Capital Management LLC lifted its position in 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 buying an additional 17,219 shares in the last quarter. Finally, Lountzis Asset Management LLC lifted its position in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after buying an additional 864 shares in the last quarter. 92.26% of the stock is owned by institutional investors.

About Formula One Group

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.