Formula One Group (NASDAQ:FWONK) Stock Rating Upgraded by StockNews.com

Formula One Group (NASDAQ:FWONKGet Free Report) was upgraded by equities researchers at StockNews.com to a “sell” rating in a report released on Saturday.

Separately, Morgan Stanley upped their price objective on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd.

Read Our Latest Report on Formula One Group

Formula One Group Price Performance

FWONK opened at $78.82 on Friday. The stock has a market capitalization of $16.54 billion, a price-to-earnings ratio of 74.36 and a beta of 0.04. Formula One Group has a 12 month low of $61.23 and a 12 month high of $82.23. The business has a 50-day moving average of $76.86 and a two-hundred day moving average of $73.72.

Formula One Group (NASDAQ:FWONKGet Free Report) last announced its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The business had revenue of $853.00 million during the quarter, compared to the consensus estimate of $960.45 million. Equities research analysts anticipate that Formula One Group will post 1.01 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Brian J. Wendling sold 10,011 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,817 shares of company stock worth $2,327,591. Corporate insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Beach Investment Counsel Inc. PA purchased a new stake in Formula One Group in the second quarter worth approximately $48,000. Janney Montgomery Scott LLC increased its holdings in Formula One Group by 13.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares during the last quarter. Finally, Hahn Capital Management LLC increased its holdings in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares during the last quarter. 92.26% of the stock is owned by institutional investors.

About Formula One Group

(Get Free Report)

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.

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