Brokerages Set Formula One Group (NASDAQ:FWONA) Target Price at $82.33

Shares of Formula One Group (NASDAQ:FWONA - Get Free Report) have earned an average rating of "Hold" from the five analysts that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $82.33.

Several equities research analysts recently commented on the company. Seaport Res Ptn cut Formula One Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, December 5th. Benchmark reaffirmed a "buy" rating and set a $81.00 target price on shares of Formula One Group in a research note on Thursday, November 14th. Guggenheim reaffirmed a "buy" rating on shares of Formula One Group in a research note on Monday, March 3rd. Finally, Wells Fargo & Company assumed coverage on Formula One Group in a report on Monday, February 24th. They issued an "underweight" rating and a $83.00 price target on the stock.

Formula One Group Trading Up 1.6 %

FWONA traded up $1.20 on Monday, reaching $77.11. The stock had a trading volume of 5,191 shares, compared to its average volume of 109,435. Formula One Group has a fifty-two week low of $57.43 and a fifty-two week high of $95.33. The firm has a 50-day moving average of $86.40 and a 200-day moving average of $79.64. The company has a market capitalization of $19.22 billion, a price-to-earnings ratio of 67.07 and a beta of 0.15.

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Formula One Group (NASDAQ:FWONA - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($1.46). The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.37 billion. Sell-side analysts anticipate that Formula One Group will post 1.46 EPS for the current fiscal year.

Insider Activity

In related news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction on Monday, December 16th. The stock was 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 directly owns 1,240,785 shares in the company, valued at approximately $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 can be accessed through this link. Corporate insiders own 4.83% of the company's stock.

Institutional Trading of Formula One Group

Hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. increased its position in Formula One Group by 67.2% in the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company's stock worth $56,000 after buying an additional 266 shares during the last quarter. FNY Investment Advisers LLC grew its position in shares of Formula One Group by 25.6% in the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company's stock valued at $65,000 after purchasing an additional 159 shares in the last quarter. Lountzis Asset Management LLC purchased a new position in shares of Formula One Group in the third quarter valued at $220,000. Finally, Integrated Wealth Concepts LLC boosted its stake in Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company's stock valued at $534,000 after buying an additional 300 shares during the period. 8.38% of the stock is currently owned by institutional investors.

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.