Short Interest in Formula One Group (NASDAQ:FWONK) Expands By 10.3%

Formula One Group (NASDAQ:FWONK) was the target of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 4,480,000 shares, an increase of 10.3% from the November 15th total of 4,060,000 shares. Based on an average daily volume of 1,100,000 shares, the days-to-cover ratio is currently 4.1 days.

Analyst Ratings Changes

A number of research firms recently weighed in on FWONK. Rosenblatt Securities lifted their target price on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. UBS Group began coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price for the company. Finally, Morgan Stanley increased their target price 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 analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $88.25.

Formula One Group Price Performance

FWONK stock opened at $95.09 on Friday. The firm has a market capitalization of $21.14 billion, a PE ratio of 82.69 and a beta of 0.18. Formula One Group has a 1 year low of $61.44 and a 1 year high of $95.44. The business has a 50 day simple moving average of $83.57 and a 200-day simple moving average of $78.59.

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, topping analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. On average, equities research analysts expect that Formula One Group will post 1.36 EPS for the current year.

Insider Buying and Selling at Formula One Group

In related news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. Insiders sold a total of 31,911 shares of company stock worth $2,403,701 over the last three months. 4.31% of the stock is owned by insiders.

Institutional Trading of Formula One Group

Several hedge funds and other institutional investors have recently bought and sold shares of FWONK. Lountzis Asset Management LLC grew 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 buying an additional 864 shares during the period. MetLife Investment Management LLC lifted its holdings 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 valued at $538,000 after buying an additional 203 shares during the period. Janney Montgomery Scott LLC boosted its stake 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 buying an additional 3,958 shares in the last quarter. Hahn Capital Management LLC grew its holdings in Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after acquiring an additional 17,219 shares during the period. Finally, Greenwood Gearhart Inc. raised its position in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares in the last quarter. 92.26% of the stock is owned by hedge funds and other 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.