Formula One Group (NASDAQ:FWONA) Sees Large Volume Increase – Here’s Why

Formula One Group (NASDAQ:FWONA) shares saw unusually-high trading volume on Wednesday . Approximately 362,357 shares traded hands during trading, an increase of 260% from the previous session’s volume of 100,539 shares.The stock last traded at $80.97 and had previously closed at $80.51.

Analysts Set New Price Targets

Separately, Benchmark reissued a “buy” rating and set a $81.00 price target on shares of Formula One Group in a report on Thursday, November 14th.

Formula One Group Price Performance

The stock has a market cap of $19.08 billion, a price-to-earnings ratio of 70.01 and a beta of 0.05. The company’s fifty day simple moving average is $73.74 and its two-hundred day simple moving average is $70.19.

Insiders Place Their Bets

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction dated Friday, September 20th. The stock was 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. Over the last quarter, insiders have sold 31,911 shares of company stock valued at $2,403,701.

Institutional Trading of Formula One Group

An institutional investor recently bought a new position in Formula One Group stock. Lountzis Asset Management LLC purchased a new stake in shares of Formula One Group (NASDAQ:FWONA) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,079 shares of the company’s stock, valued at approximately $220,000. Institutional investors own 8.38% of the company’s stock.

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.