Formula One Group (NASDAQ:FWONK) Shares Down 5.2% – Should You Sell?

Formula One Group (NASDAQ:FWONK)’s stock price was down 5.2% during trading on Thursday . The company traded as low as $85.03 and last traded at $85.41. Approximately 335,090 shares changed hands during trading, a decline of 73% from the average daily volume of 1,219,426 shares. The stock had previously closed at $90.05.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FWONK shares. Morgan Stanley reduced their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. boosted their price objective on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. StockNews.com raised shares of Formula One Group to a “sell” rating in a report on Tuesday. Wells Fargo & Company lowered their price target on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Finally, Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $95.33.

Formula One Group Stock Performance

The stock has a market capitalization of $21.61 billion, a PE ratio of 75.40 and a beta of 0.32. The stock’s 50-day moving average is $92.91 and its 200 day moving average is $88.02.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. Analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FWONK. Versant Capital Management Inc lifted its stake in shares of Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock worth $194,000 after acquiring an additional 2,013 shares during the period. Allstate Corp purchased a new position in shares of Formula One Group during the 4th quarter worth approximately $571,000. MetLife Investment Management LLC lifted its stake in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the 4th quarter worth approximately $827,000. Finally, Janney Montgomery Scott LLC boosted its position in shares of Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after buying an additional 287 shares in the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.