Formula One Group (NASDAQ:FWONK) Price Target Lowered to $80.00 at Wells Fargo & Company

Formula One Group (NASDAQ:FWONK) had its target price decreased by Wells Fargo & Company from $83.00 to $80.00 in a research note published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the stock.

Several other research analysts have also recently commented on FWONK. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 target price on shares of Formula One Group in a report on Wednesday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Formula One Group currently has an average rating of “Hold” and a consensus price target of $93.40.

Formula One Group Stock Up 4.9 %

Shares of FWONK stock opened at $96.43 on Friday. The firm has a 50 day moving average price of $94.76 and a two-hundred day moving average price of $85.97. The company has a market capitalization of $23.98 billion, a PE ratio of 83.85 and a beta of 0.11. Formula One Group has a 12-month low of $64.37 and a 12-month high of $102.33.

Insider Activity at Formula One Group

In related 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 value of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.31% of the stock is currently owned by insiders.

Institutional Trading of Formula One Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Lountzis Asset Management LLC lifted its holdings in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the period. Allstate Corp acquired a new position in shares of Formula One Group during the fourth quarter worth $571,000. MetLife Investment Management LLC lifted its holdings in shares of Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Formula One Group during the fourth quarter worth $827,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of 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. 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.