Formula One Group (NASDAQ:FWONK) Sets New 12-Month High – Here’s What Happened

Formula One Group (NASDAQ:FWONK)’s stock price reached a new 52-week high on Monday . The company traded as high as $86.67 and last traded at $86.44, with a volume of 266268 shares traded. The stock had previously closed at $84.17.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FWONK. Rosenblatt Securities boosted their target price on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. UBS Group started coverage on Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective for the company. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Finally, Morgan Stanley increased their price target on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Formula One Group currently has an average rating of “Hold” and a consensus price target of $88.25.

Formula One Group Price Performance

The stock has a market cap of $19.54 billion, a PE ratio of 73.19 and a beta of 0.01. The company has a 50 day moving average price of $79.55 and a two-hundred day moving average price of $76.55.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. As a group, equities analysts predict that Formula One Group will post 1.24 earnings per share for the current fiscal year.

Insider Transactions at Formula One Group

In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total value of $738,811.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 31,911 shares of company stock worth $2,403,701 in the last three months.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds have recently made changes to their positions in the company. Greenwood Gearhart Inc. grew its stake in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after buying an additional 13,146 shares in the last quarter. MetLife Investment Management LLC increased its stake in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the last quarter. Lountzis Asset Management LLC increased its stake 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 worth $461,000 after acquiring an additional 864 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the period. Finally, 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 valued at $4,929,000 after purchasing an additional 17,219 shares during the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.