Formula One Group (NASDAQ:FWONK) Price Target Lowered to $110.00 at Morgan Stanley

Formula One Group (NASDAQ:FWONK - Get Free Report) had its price objective lowered by analysts at Morgan Stanley from $115.00 to $110.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 20.79% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company lowered their price objective on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a research report on Friday. Rosenblatt Securities restated a "buy" rating and set a $102.00 target price on shares of Formula One Group in a research report on Wednesday, February 26th. Seaport Res Ptn lowered Formula One Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 4th. Finally, StockNews.com downgraded Formula One Group from a "hold" rating to a "sell" rating in a research report on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Formula One Group currently has an average rating of "Hold" and a consensus target price of $93.40.

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Formula One Group Price Performance

Shares of Formula One Group stock traded down $2.59 during trading on Friday, reaching $91.07. 2,019,592 shares of the stock traded hands, compared to its average volume of 1,293,842. Formula One Group has a 52-week low of $64.37 and a 52-week high of $102.33. The business has a fifty day simple moving average of $94.79 and a two-hundred day simple moving average of $86.36. The company has a market capitalization of $22.65 billion, a price-to-earnings ratio of 79.19 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, research analysts predict that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction on 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 approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.31% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Everence Capital Management Inc. acquired a new position in Formula One Group during the 4th quarter valued at approximately $827,000. Hahn Capital Management LLC increased its position in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock valued at $6,226,000 after acquiring an additional 21,699 shares during the period. Greenwood Gearhart Inc. raised its stake in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock worth $13,640,000 after acquiring an additional 13,146 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after acquiring an additional 287 shares during the period. Finally, MetLife Investment Management LLC grew its stake in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock valued at $538,000 after purchasing an additional 203 shares during the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.