Formula One Group (NASDAQ:FWONA) Shares Gap Down on Disappointing Earnings

Formula One Group (NASDAQ:FWONA - Get Free Report)'s stock price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $88.00, but opened at $83.00. Formula One Group shares last traded at $82.57, with a volume of 25,894 shares changing hands.

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 for the quarter, compared to analysts' expectations of $1.37 billion.

Analyst Upgrades and Downgrades

FWONA has been the topic of a number of recent analyst reports. Benchmark reaffirmed a "buy" rating and set a $81.00 price target on shares of Formula One Group in a report on Thursday, November 14th. Seaport Res Ptn cut Formula One Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company initiated coverage on Formula One Group in a report on Monday, February 24th. They set an "underweight" rating and a $83.00 price target on the stock.

Insider Activity at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were 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 in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.83% of the company's stock.

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Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FWONA. Lountzis Asset Management LLC acquired a new position in Formula One Group in the third quarter worth approximately $220,000. Integrated Wealth Concepts LLC grew its position 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 worth $534,000 after buying an additional 300 shares during the last quarter. FNY Investment Advisers LLC grew its position in Formula One Group by 25.6% in 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. Finally, Russell Investments Group Ltd. grew 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. Institutional investors and hedge funds own 8.38% of the company's stock.

Formula One Group Stock Down 2.9 %

The stock has a market cap of $21.51 billion, a price-to-earnings ratio of 75.22 and a beta of 0.14. The company's 50-day simple moving average is $87.05 and its 200-day simple moving average is $79.21.

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.