Formula One Group (NASDAQ:FWONK) Posts Earnings Results, Beats Estimates By $0.18 EPS

Formula One Group (NASDAQ:FWONK) announced its quarterly earnings results on Tuesday. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18, reports. The company had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million.

Formula One Group Stock Up 5.7 %

NASDAQ FWONK opened at $85.59 on Thursday. The firm has a market capitalization of $17.96 billion, a PE ratio of 74.43 and a beta of 0.01. The stock’s 50 day moving average is $78.51 and its 200 day moving average is $75.91. Formula One Group has a twelve month low of $61.23 and a twelve month high of $85.65.

Insider Activity

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, the director now directly owns 5,274 shares in the company, valued at $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,817 shares of company stock worth $2,327,591. Corporate insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently bought and sold shares of FWONK. Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after acquiring an additional 3,958 shares during the period. Lountzis Asset Management LLC lifted its position in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares in the last quarter. Beach Investment Counsel Inc. PA purchased a new stake in Formula One Group in the second quarter worth about $48,000. Finally, MetLife Investment Management LLC raised 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 buying an additional 203 shares during the period. Institutional investors own 92.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FWONK. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a research report on Friday, November 8th. UBS Group started coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. Rosenblatt Securities lifted their target price on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Morgan Stanley boosted their price target on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Formula One Group has an average rating of “Hold” and a consensus price target of $88.25.

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.