Formula One Group (NASDAQ:FWONK) Receives $95.75 Consensus Price Target from Analysts

Formula One Group (NASDAQ:FWONK) has earned an average rating of “Moderate Buy” from the five analysts that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $95.75.

A number of research analysts have recently commented on FWONK shares. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. UBS Group began coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities raised their price target on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $95.00 to $115.00 in a research note on Wednesday, December 18th.

Formula One Group Stock Performance

NASDAQ FWONK opened at $92.08 on Monday. The business’s 50 day moving average price is $88.17 and its 200-day moving average price is $80.74. Formula One Group has a fifty-two week low of $61.44 and a fifty-two week high of $96.89. The company has a market cap of $22.90 billion, a P/E ratio of 80.07 and a beta of 0.17.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. As a group, equities analysts predict that Formula One Group will post 1.36 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Formula One Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lountzis Asset Management LLC boosted its position in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the period. Everence Capital Management Inc. purchased a new position in shares of Formula One Group during the fourth quarter worth $827,000. Janney Montgomery Scott LLC lifted its position in Formula One Group by 16.9% during the third 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 period. Finally, Hahn Capital Management LLC boosted its holdings in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.