Benchmark Reiterates “Buy” Rating for Formula One Group (NASDAQ:FWONA)

Benchmark reiterated their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a report released on Thursday,Benzinga reports. They currently have a $81.00 price target on the stock.

Formula One Group Price Performance

NASDAQ FWONA opened at $74.33 on Thursday. The stock has a market capitalization of $17.47 billion, a P/E ratio of 64.63 and a beta of 0.05. The business has a 50 day simple moving average of $72.74 and a 200 day simple moving average of $69.46. Formula One Group has a one year low of $55.25 and a one year high of $79.67.

Insider Transactions at Formula One Group

In other Formula One Group news, 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 value of $76,045.64. Following the completion of the sale, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 23.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock valued at $2,327,591 in the last quarter. 4.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently bought and sold shares of FWONA. Integrated Wealth Concepts LLC boosted its holdings in Formula One Group by 4.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after buying an additional 300 shares during the period. Lountzis Asset Management LLC bought a new position in Formula One Group in the 3rd quarter worth about $220,000. Finally, Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 13.5% in the first quarter. Janney Montgomery Scott LLC now owns 13,413 shares of the company’s stock worth $788,000 after purchasing an additional 1,600 shares during the last quarter. 8.38% of the stock is owned by institutional investors.

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.