Formula One Group (NASDAQ:FWONK) Short Interest Up 10.8% in December

Formula One Group (NASDAQ:FWONK) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 4,840,000 shares, a growth of 10.8% from the December 15th total of 4,370,000 shares. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 4.4 days.

Insider Buying and Selling

In other news, CAO Brian J. Wendling sold 1,094 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by company insiders.

Institutional Trading of Formula One Group

A number of large investors have recently modified their holdings of the stock. Everence Capital Management Inc. acquired a new stake in Formula One Group in the fourth quarter valued at approximately $827,000. Greenwood Gearhart Inc. increased its position 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 valued at $13,640,000 after purchasing an additional 13,146 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares in the last quarter. Janney Montgomery Scott LLC lifted 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 worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Lountzis Asset Management LLC grew its stake in shares of 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 purchasing an additional 864 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Trading Up 1.3 %

Formula One Group stock traded up $1.20 during trading on Monday, hitting $91.20. The company had a trading volume of 769,892 shares, compared to its average volume of 1,003,555. The stock has a market cap of $22.68 billion, a price-to-earnings ratio of 79.31 and a beta of 0.11. Formula One Group has a 1-year low of $62.49 and a 1-year high of $96.89. The company’s 50 day simple moving average is $90.40 and its 200-day simple moving average is $82.24.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. As a group, analysts forecast that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FWONK has been the topic of several research analyst reports. Rosenblatt Securities boosted their target price on shares of Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. UBS Group began coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price for the company. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Formula One Group presently has an average rating of “Hold” and a consensus price target of $98.00.

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.