Formula One Group (NASDAQ:FWONK) Upgraded at Morgan Stanley

Formula One Group (NASDAQ:FWONK) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a $115.00 price target on the stock, up from their prior price target of $95.00. Morgan Stanley’s target price indicates a potential upside of 21.18% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. 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. Finally, Rosenblatt Securities boosted their price target on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $95.75.

Formula One Group Stock Down 0.6 %

Formula One Group stock opened at $94.90 on Wednesday. The stock has a 50-day moving average price of $84.38 and a 200 day moving average price of $78.92. The company has a market capitalization of $21.10 billion, a price-to-earnings ratio of 82.52 and a beta of 0.18. Formula One Group has a 52 week low of $61.44 and a 52 week high of $96.26.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.18. The business had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. Research analysts anticipate that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were 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. Insiders have sold 31,911 shares of company stock worth $2,403,701 over the last quarter. 4.31% of the stock is currently owned by company insiders.

Institutional Trading of Formula One Group

A number of large investors have recently modified their holdings of the stock. Greenwood Gearhart Inc. increased its stake 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 worth $13,640,000 after buying an additional 13,146 shares during the period. Hahn Capital Management LLC grew its holdings 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 acquiring an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Formula One Group by 3.0% in the 3rd 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 lifted its position 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 worth $461,000 after purchasing an additional 864 shares during the last quarter. Hedge funds and other institutional investors own 92.26% 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.