Formula One Group (NASDAQ:FWONK) Reaches New 12-Month High – Should You Buy?

Formula One Group (NASDAQ:FWONK)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $99.58 and last traded at $98.47, with a volume of 606040 shares changing hands. The stock had previously closed at $95.09.

Wall Street Analyst Weigh In

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

Formula One Group Price Performance

The firm has a market cap of $24.87 billion, a PE ratio of 86.94 and a beta of 0.11. The company has a 50-day simple moving average of $92.91 and a 200-day simple moving average of $83.81.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. As a group, equities research analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Insider Activity

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its position in 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 acquiring an additional 3,958 shares during the period. Lountzis Asset Management LLC lifted its holdings 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 during the period. MetLife Investment Management LLC boosted its position in 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 last quarter. Greenwood Gearhart Inc. increased its holdings in 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 during the period. Finally, Everence Capital Management Inc. purchased a new position in Formula One Group during the 4th quarter worth approximately $827,000. Institutional investors and hedge funds own 92.26% of the company’s stock.

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.