Formula One Group (NASDAQ:FWONK) Price Target Raised to $102.00

Formula One Group (NASDAQ:FWONK - Get Free Report) had its price target raised by research analysts at Rosenblatt Securities from $93.00 to $102.00 in a report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Rosenblatt Securities' target price suggests a potential upside of 11.81% from the stock's current price.

FWONK has been the subject of a number of other reports. UBS Group began coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a "neutral" rating and a $85.00 price objective on the stock. StockNews.com cut shares of Formula One Group from a "hold" rating to a "sell" rating in a research report on Monday, November 18th. 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, Morgan Stanley upgraded Formula One Group from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. One equities research analyst has 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 MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $98.00.

Formula One Group Stock Down 2.4 %

NASDAQ:FWONK traded down $2.21 during mid-day trading on Friday, reaching $91.23. 944,007 shares of the company were exchanged, compared to its average volume of 857,151. Formula One Group has a 12 month low of $61.44 and a 12 month high of $96.89. The stock has a market cap of $22.69 billion, a PE ratio of 79.33 and a beta of 0.11. The company has a fifty day moving average of $89.38 and a 200 day moving average of $81.44.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. On average, equities research analysts anticipate that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Transactions at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 1,240,785 shares of the company's stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the firm's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. Insiders own 4.31% of the company's stock.

Hedge Funds Weigh In On Formula One Group

Large investors have recently bought and sold shares of the company. Greenwood Gearhart Inc. increased its position in shares of Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock valued at $13,640,000 after acquiring an additional 13,146 shares during the last quarter. Everence Capital Management Inc. acquired a new position in shares of Formula One Group during the 4th quarter worth approximately $827,000. Janney Montgomery Scott LLC raised 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 worth $2,117,000 after purchasing an additional 3,958 shares in the last quarter. Lountzis Asset Management LLC raised its stake in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company's stock worth $461,000 after purchasing an additional 864 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock valued at $538,000 after buying an additional 203 shares during the last quarter. Institutional investors and hedge funds own 92.26% of the company's stock.

About Formula One Group

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.