Formula One Group (NASDAQ:FWONA) Reaches New 1-Year High - Still a Buy?

Formula One Group (NASDAQ:FWONA - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $87.43 and last traded at $87.54, with a volume of 32562 shares traded. The stock had previously closed at $85.47.

Analyst Ratings Changes

Several research analysts have commented on FWONA shares. Benchmark reaffirmed a "buy" rating and set a $81.00 price target on shares of Formula One Group in a research report on Thursday, November 14th. Seaport Res Ptn lowered Formula One Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, December 5th.

Formula One Group Price Performance

The stock has a market capitalization of $21.89 billion, a PE ratio of 76.54 and a beta of 0.13. The stock has a 50 day moving average of $84.15 and a two-hundred day moving average of $76.34.

Formula One Group (NASDAQ:FWONA - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.17. The firm had revenue of $848.00 million for the quarter, compared to analysts' expectations of $825.00 million. During the same quarter in the previous year, the firm posted $0.39 earnings per share. As a group, research analysts predict that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Brian J. Wendling sold 1,094 shares of the business's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory B. Maffei sold 35,463 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. 4.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Formula One Group

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

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.