Formula One Group (NASDAQ:FWONA) Shares Gap Down After Earnings Miss

Formula One Group (NASDAQ:FWONA) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $88.00, but opened at $83.00. Formula One Group shares last traded at $82.57, with a volume of 25,894 shares changing hands.

The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($1.46). The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.37 billion.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FWONA shares. Wells Fargo & Company assumed coverage on Formula One Group in a research report on Monday, February 24th. They set an “underweight” rating and a $83.00 price target on the stock. Benchmark reissued a “buy” rating and set a $81.00 target price on shares of Formula One Group in a report on Thursday, November 14th. Finally, Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th.

Insider Buying and Selling 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. Insiders own 4.83% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Lountzis Asset Management LLC bought a new position in shares of Formula One Group during the third quarter worth approximately $220,000. Integrated Wealth Concepts LLC boosted its stake in shares of Formula One Group by 4.2% in 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 period. FNY Investment Advisers LLC grew its position in Formula One Group by 25.6% during the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after buying an additional 159 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Formula One Group by 67.2% during the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock worth $56,000 after acquiring an additional 266 shares during the period. Institutional investors and hedge funds own 8.38% of the company’s stock.

Formula One Group Trading Up 6.1 %

The stock has a 50 day simple moving average of $87.03 and a 200 day simple moving average of $78.97. The stock has a market cap of $22.16 billion, a P/E ratio of 77.50 and a beta of 0.14.

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.