Formula One Group (NASDAQ:FWONK) Given New $110.00 Price Target at Morgan Stanley

Formula One Group (NASDAQ:FWONK) had its target price lowered by Morgan Stanley from $115.00 to $110.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also recently commented on FWONK. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research note on Wednesday. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Wells Fargo & Company reduced their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday. Finally, StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Formula One Group has an average rating of “Hold” and a consensus price target of $93.40.

Formula One Group Price Performance

Shares of NASDAQ:FWONK opened at $96.43 on Friday. The business’s 50-day moving average is $94.76 and its 200 day moving average is $85.97. Formula One Group has a 1 year low of $64.37 and a 1 year high of $102.33. The firm has a market capitalization of $23.98 billion, a P/E ratio of 83.85 and a beta of 0.11.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. 4.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently made changes to their positions in FWONK. Public Employees Retirement System of Ohio grew its position in shares of Formula One Group by 1.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after acquiring an additional 4,897 shares during the period. Greenwood Gearhart Inc. boosted its position in Formula One Group by 2.7% during the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after purchasing an additional 4,761 shares in the last quarter. Hahn Capital Management LLC grew its holdings in Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares in the last quarter. Finally, Everence Capital Management Inc. acquired a new position in shares of 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.