Formula One Group (NASDAQ:FWONK) Given New $102.00 Price Target at Rosenblatt Securities

Formula One Group (NASDAQ:FWONK) had its price objective raised by analysts at Rosenblatt Securities from $93.00 to $102.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective points to a potential upside of 9.16% from the company’s current price.

Several other brokerages also recently commented on FWONK. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. UBS Group initiated coverage on shares of 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. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $98.00.

Formula One Group Stock Up 1.4 %

Shares of FWONK stock opened at $93.44 on Friday. Formula One Group has a fifty-two week low of $61.44 and a fifty-two week high of $96.89. The firm’s 50 day moving average price is $89.17 and its two-hundred day moving average price is $81.30. The stock has a market cap of $23.24 billion, a price-to-earnings ratio of 81.25 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates 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. On average, equities analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FWONK. Greenwood Gearhart Inc. lifted its holdings in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the 4th quarter worth approximately $827,000. Janney Montgomery Scott LLC lifted its holdings 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 worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC grew its stake 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 during the last quarter. Finally, MetLife Investment Management LLC increased its position in 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 buying an additional 203 shares during the period. 92.26% of the stock is 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.