Formula One Group (NASDAQ:FWONA) Releases Quarterly Earnings Results, Misses Estimates By $1.46 EPS

Formula One Group (NASDAQ:FWONA) announced its earnings results on Thursday. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($1.46), Zacks reports. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.37 billion.

Formula One Group Stock Up 3.9 %

Shares of Formula One Group stock traded up $3.27 during trading hours on Friday, hitting $87.28. The company’s stock had a trading volume of 149,305 shares, compared to its average volume of 105,633. The business has a fifty day moving average of $86.95 and a 200 day moving average of $78.82. Formula One Group has a 1-year low of $57.43 and a 1-year high of $95.33. The company has a market capitalization of $21.71 billion, a PE ratio of 76.03 and a beta of 0.14.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Benchmark reaffirmed a “buy” rating and set a $81.00 price target on shares of Formula One Group in a research report on Thursday, November 14th. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company assumed coverage on Formula One Group in a research report on Monday. They issued an “underweight” rating and a $83.00 target price on the stock.

Insider Activity at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.83% of the company’s stock.

About Formula One Group

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.