Formula One Group (NASDAQ:FWONK) Shares Gap Down – Here’s Why

Formula One Group (NASDAQ:FWONK)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $94.94, but opened at $89.47. Formula One Group shares last traded at $89.36, with a volume of 567,173 shares traded.

Analysts Set New Price Targets

A number of research analysts have commented on FWONK shares. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Wells Fargo & Company upgraded Formula One Group to a “strong sell” rating in a research report on Friday, February 21st. Rosenblatt Securities restated a “buy” rating and set a $102.00 target price on shares of Formula One Group in a research report on Wednesday. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $98.00.

Formula One Group Trading Down 3.2 %

The business has a 50 day moving average price of $94.81 and a 200 day moving average price of $85.93. The company has a market capitalization of $22.86 billion, a P/E ratio of 79.99 and a beta of 0.11.

Insiders Place Their Bets

In related news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Large investors have recently made changes to their positions in the stock. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares in the last quarter. MetLife Investment Management LLC raised its holdings 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 valued at $538,000 after purchasing an additional 203 shares during the last quarter. Allstate Corp bought a new stake in shares of Formula One Group in the fourth quarter worth $571,000. Everence Capital Management Inc. acquired a new position in Formula One Group during the fourth quarter worth $827,000. Finally, Janney Montgomery Scott LLC grew its position in Formula One Group by 16.9% in 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 in the last quarter. 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.