Formula One Group (NASDAQ:FWONK) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. lowered its stake in Formula One Group (NASDAQ:FWONK) by 11.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,039 shares of the company’s stock after selling 136 shares during the quarter. First Horizon Advisors Inc.’s holdings in Formula One Group were worth $80,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FWONK. Beach Investment Counsel Inc. PA acquired a new stake in shares of Formula One Group in the second quarter valued at $48,000. Lountzis Asset Management LLC grew its position in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Formula One Group by 16.9% during the third 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 period. Finally, Hahn Capital Management LLC lifted its position in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Trading Down 1.1 %

Shares of FWONK stock opened at $84.17 on Monday. The company has a market cap of $18.71 billion, a P/E ratio of 73.19 and a beta of 0.01. The firm has a fifty day moving average price of $79.55 and a 200 day moving average price of $76.52. Formula One Group has a 12 month low of $61.23 and a 12 month high of $86.65.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. On average, equities analysts forecast that Formula One Group will post 1.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FWONK. UBS Group initiated coverage on shares of Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price on the stock. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Rosenblatt Securities boosted their target price on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Morgan Stanley increased their price target on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Formula One Group presently has an average rating of “Hold” and an average target price of $88.25.

Insider Buying and Selling at Formula One Group

In related news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. Insiders sold 31,911 shares of company stock worth $2,403,701 over the last 90 days. Corporate insiders own 4.31% 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.