Formula One Group (NASDAQ:FWONA) Hits New 1-Year High - Here's What Happened

Formula One Group (NASDAQ:FWONA - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $89.13 and last traded at $88.51, with a volume of 3547 shares trading hands. The stock had previously closed at $88.28.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FWONA shares. Benchmark reaffirmed a "buy" rating and set a $81.00 price target on shares of Formula One Group in a research note on Thursday, November 14th. Seaport Res Ptn cut shares of Formula One Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, December 5th.

Formula One Group Stock Up 0.2 %

The stock's 50-day moving average price is $84.81 and its 200-day moving average price is $76.80. The company has a market capitalization of $23.06 billion, a price-to-earnings ratio of 80.63 and a beta of 0.14.

Formula One Group (NASDAQ:FWONA - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.17. The firm had revenue of $848.00 million during the quarter, compared to the consensus estimate of $825.00 million. During the same quarter in the prior year, the business earned $0.39 EPS. On average, equities research analysts anticipate that Formula One Group will post 1.46 EPS for the current year.

Insider Buying and Selling 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 stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now owns 1,240,785 shares of the company's stock, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FWONA. FNY Investment Advisers LLC lifted its holdings in Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company's stock worth $65,000 after purchasing an additional 159 shares during the last quarter. Lountzis Asset Management LLC bought a new stake in Formula One Group in the 3rd quarter valued at about $220,000. Finally, Integrated Wealth Concepts LLC grew its position in shares of Formula One Group by 4.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company's stock worth $534,000 after purchasing an additional 300 shares in the last quarter. 8.38% of the stock is owned by institutional investors and hedge funds.

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.