Formula One Group (NASDAQ:FWONK - Get Free Report) had its price target dropped by analysts at Wells Fargo & Company from $83.00 to $80.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Wells Fargo & Company's price target points to a potential downside of 12.16% from the company's previous close.
A number of other equities research analysts have also weighed in on FWONK. StockNews.com lowered Formula One Group from a "hold" rating to a "sell" rating in a research note on Monday, November 18th. Seaport Res Ptn lowered Formula One Group from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. Rosenblatt Securities restated a "buy" rating and issued a $102.00 target price on shares of Formula One Group in a report on Wednesday, February 26th. Finally, Morgan Stanley upgraded shares of Formula One Group from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $93.40.
Read Our Latest Stock Report on Formula One Group
Formula One Group Price Performance
NASDAQ FWONK traded down $2.59 during trading on Friday, reaching $91.07. The company's stock had a trading volume of 2,019,592 shares, compared to its average volume of 1,293,842. The stock has a market capitalization of $22.65 billion, a PE ratio of 79.19 and a beta of 0.11. The firm has a fifty day moving average of $94.79 and a 200 day moving average of $86.36. Formula One Group has a one year low of $64.37 and a one year high of $102.33.
Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analyst estimates of $1.37 billion. Research analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction on 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 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 filing with the Securities & Exchange Commission, which is available through this link. 4.31% of the stock is owned by corporate insiders.
Institutional Trading of Formula One Group
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FWONK. Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company's stock valued at $2,117,000 after acquiring an additional 3,958 shares during the period. Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company's stock worth $461,000 after purchasing an additional 864 shares during the period. MetLife Investment Management LLC increased its stake in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock worth $538,000 after purchasing an additional 203 shares in the last quarter. Greenwood Gearhart Inc. raised its position in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock valued at $13,640,000 after purchasing an additional 13,146 shares during the period. Finally, Everence Capital Management Inc. bought a new stake in shares of Formula One Group during the 4th quarter valued at $827,000. 92.26% of the stock is owned by hedge funds and other institutional investors.
About Formula One Group
(
Get Free Report)
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.
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