Formula One Group (NASDAQ:FWONA) Hits New 1-Year High – Here’s Why

Formula One Group (NASDAQ:FWONA) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $93.92 and last traded at $93.87, with a volume of 8150 shares. The stock had previously closed at $92.72.

Analyst Upgrades and Downgrades

FWONA has been the subject of a number of analyst reports. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Benchmark reissued a “buy” rating and issued a $81.00 price objective on shares of Formula One Group in a research note on Thursday, November 14th.

Formula One Group Trading Up 1.4 %

The company’s fifty day simple moving average is $85.70 and its 200-day simple moving average is $77.38. The stock has a market cap of $23.51 billion, a P/E ratio of 82.21 and a beta of 0.14.

Formula One Group (NASDAQ:FWONA) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.31 by $0.17. The company had revenue of $848.00 million for the quarter, compared to the consensus estimate of $825.00 million. During the same period last year, the company earned $0.39 earnings per share. As a group, analysts expect that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Insider Activity at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the business’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 completion of the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was 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. 4.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position in Formula One Group by 67.2% during the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after acquiring an additional 266 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in shares of Formula One Group by 25.6% during the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after acquiring an additional 159 shares in the last quarter. Lountzis Asset Management LLC acquired a new stake in shares of Formula One Group in the 3rd quarter worth about $220,000. Finally, Integrated Wealth Concepts LLC boosted its position in shares of Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after buying an additional 300 shares during the last quarter. Institutional investors own 8.38% of the company’s stock.

Formula One Group Company Profile

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.