Formula One Group (NASDAQ:FWONK) Stock Price Down 5.2% – Should You Sell?

Formula One Group (NASDAQ:FWONK)’s stock price fell 5.2% during mid-day trading on Thursday . The company traded as low as $85.03 and last traded at $85.41. 335,090 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 1,219,426 shares. The stock had previously closed at $90.05.

Analyst Ratings Changes

A number of analysts have recently commented on the company. StockNews.com upgraded Formula One Group to a “sell” rating in a report on Tuesday. Morgan Stanley reduced their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company lowered their price target on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research report on Friday, March 7th. Finally, Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Formula One Group has an average rating of “Moderate Buy” and an average target price of $95.33.

Formula One Group Stock Down 3.7 %

The firm has a market capitalization of $21.61 billion, a price-to-earnings ratio of 75.40 and a beta of 0.32. The business has a 50-day moving average of $92.91 and a two-hundred day moving average of $88.02.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. Equities analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its holdings in Formula One Group by 1,378.8% during the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock worth $194,000 after acquiring an additional 2,013 shares in the last quarter. Allstate Corp acquired a new stake in Formula One Group in the 4th quarter valued at about $571,000. MetLife Investment Management LLC grew its holdings 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 purchasing an additional 203 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the fourth quarter valued at approximately $827,000. Finally, Janney Montgomery Scott LLC boosted its position in Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after purchasing an additional 287 shares during the period. Institutional investors 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.