Formula One Group (NASDAQ:FWONK) Downgraded by StockNews.com to “Sell”

StockNews.com lowered shares of Formula One Group (NASDAQ:FWONK) from a hold rating to a sell rating in a report released on Monday morning.

Several other research analysts have also weighed in on FWONK. Rosenblatt Securities increased their target price on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Morgan Stanley upped their price target on 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. Finally, UBS Group began coverage on Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $88.25.

Formula One Group Trading Down 1.4 %

Shares of NASDAQ:FWONK opened at $80.47 on Monday. The firm has a market cap of $17.89 billion, a price-to-earnings ratio of 69.97 and a beta of 0.01. The stock’s 50-day moving average price is $78.79 and its two-hundred day moving average price is $76.14. Formula One Group has a 12-month low of $61.23 and a 12-month high of $86.65.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. As a group, research analysts forecast that Formula One Group will post 1.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares in the company, valued at $250,040.34. This represents a 23.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 30,817 shares of company stock valued at $2,327,591. Company insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Several large investors have recently modified their holdings of the business. Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group in the second quarter worth $48,000. Lountzis Asset Management LLC boosted its stake in Formula One Group by 17.0% during 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 during the last quarter. MetLife Investment Management LLC grew its holdings in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Hahn Capital Management LLC raised 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 valued at $4,929,000 after purchasing an additional 17,219 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.