Formula One Group (NASDAQ:FWONK) Posts Quarterly Earnings Results, Misses Estimates By $1.45 EPS

Formula One Group (NASDAQ:FWONK - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45), Zacks reports. The firm had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion.

Formula One Group Trading Down 2.9 %

Shares of FWONK traded down $2.83 during mid-day trading on Monday, reaching $93.61. The company's stock had a trading volume of 1,618,679 shares, compared to its average volume of 1,259,770. The stock has a market cap of $23.28 billion, a P/E ratio of 81.40 and a beta of 0.11. Formula One Group has a 1-year low of $64.37 and a 1-year high of $102.33. The business has a 50-day simple moving average of $94.80 and a two-hundred day simple moving average of $86.25.

Insider Buying and Selling

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares of the company's stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.31% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Morgan Stanley decreased their target price on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday. Rosenblatt Securities restated a "buy" rating and issued a $102.00 price objective on shares of Formula One Group in a report on Wednesday, February 26th. Seaport Res Ptn lowered Formula One Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 4th. Wells Fargo & Company lowered their price target on Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a research report on Friday. Finally, StockNews.com cut Formula One Group from a "hold" rating to a "sell" rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Formula One Group has a consensus rating of "Hold" and an average price target of $93.40.

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.