Formula One Group (NASDAQ:FWONK) Price Target Cut to $110.00 by Analysts at Morgan Stanley

Formula One Group (NASDAQ:FWONK) had its target price cut by Morgan Stanley from $115.00 to $110.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued reports about the company. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research report on Wednesday. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Wells Fargo & Company cut their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Friday. Two 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 stock. Based on data from MarketBeat, Formula One Group currently has an average rating of “Hold” and a consensus target price of $93.40.

Formula One Group Stock Performance

FWONK opened at $96.43 on Friday. The company’s 50-day simple moving average is $94.76 and its two-hundred day simple moving average is $85.97. The stock has a market capitalization of $23.98 billion, a P/E ratio of 83.85 and a beta of 0.11. Formula One Group has a 52-week low of $64.37 and a 52-week high of $102.33.

Insider Activity at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Formula One Group

Several institutional investors have recently made changes to their positions in the company. Lountzis Asset Management LLC raised its stake in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after buying an additional 864 shares in the last quarter. MetLife Investment Management LLC increased its holdings in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after acquiring an additional 203 shares during the period. Allstate Corp bought a new position in shares of Formula One Group in the 4th quarter worth $571,000. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group during the 4th quarter worth $827,000. Finally, Janney Montgomery Scott LLC boosted its position 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 valued at $2,117,000 after purchasing an additional 3,958 shares in the last quarter. Hedge funds and other 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.