Formula One Group (NASDAQ:FWONK) Shares Down 3% - What's Next?

Formula One Group (NASDAQ:FWONK - Get Free Report) fell 3% during trading on Wednesday . The company traded as low as $75.70 and last traded at $76.95. 198,732 shares traded hands during trading, a decline of 84% from the average session volume of 1,231,570 shares. The stock had previously closed at $79.34.

Analyst Ratings Changes

Several research firms have recently weighed in on FWONK. StockNews.com raised shares of Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Rosenblatt Securities restated a "buy" rating and set a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. JPMorgan Chase & Co. lifted their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, March 6th. Morgan Stanley reduced their price objective on Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Seaport Res Ptn upgraded shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Formula One Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.33.

Remove Ads

Formula One Group Price Performance

The stock has a market capitalization of $19.24 billion, a price-to-earnings ratio of 67.12 and a beta of 0.32. The company has a 50-day simple moving average of $90.39 and a two-hundred day simple moving average of $88.12.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $20.71 billion for the quarter, compared to analysts' expectations of $1.37 billion. Research analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Institutional Trading of Formula One Group

Several hedge funds have recently added to or reduced their stakes in FWONK. Versant Capital Management Inc lifted its stake in shares of Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock worth $194,000 after acquiring an additional 2,013 shares during the period. Allstate Corp bought a new position in Formula One Group during the 4th quarter valued at $571,000. Everence Capital Management Inc. acquired a new position in shares of Formula One Group during the 4th quarter valued at $827,000. Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock valued at $2,560,000 after purchasing an additional 287 shares during the period. Finally, Hahn Capital Management LLC raised its stake 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 worth $6,226,000 after buying an additional 21,699 shares in the last quarter. Institutional investors 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.