Formula One Group (NASDAQ:FWONA) Reaches New 12-Month High - Here's Why

Formula One Group (NASDAQ:FWONA - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $93.92 and last traded at $93.87, with a volume of 8150 shares traded. The stock had previously closed at $92.72.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FWONA. Seaport Res Ptn downgraded shares of Formula One Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, December 5th. Benchmark reissued a "buy" rating and issued a $81.00 price objective on shares of Formula One Group in a research note on Thursday, November 14th.

Formula One Group Price Performance

The stock has a market cap of $22.92 billion, a price-to-earnings ratio of 80.13 and a beta of 0.14. The business's fifty day simple moving average is $86.04 and its 200 day simple moving average is $77.65.

Insider Activity at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction dated 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 transaction, the chief executive officer now owns 1,240,785 shares of the company's stock, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. Company insiders own 4.83% of the company's stock.

Institutional Investors Weigh In On Formula One Group

Several large investors have recently made changes to their positions in the company. Lountzis Asset Management LLC acquired a new stake in Formula One Group in the 3rd quarter worth approximately $220,000. Integrated Wealth Concepts LLC lifted its holdings in shares of Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company's stock worth $534,000 after buying an additional 300 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Formula One Group by 67.2% during 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. Finally, FNY Investment Advisers LLC lifted its holdings in shares of 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 buying an additional 159 shares during the last quarter. Institutional investors own 8.38% 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.