Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) dropped 5.2% on Thursday . The company traded as low as $85.03 and last traded at $85.41. Approximately 335,090 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 1,219,426 shares. The stock had previously closed at $90.05.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. Seaport Res Ptn upgraded Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. Morgan Stanley cut their target price on Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. StockNews.com upgraded Formula One Group to a "sell" rating in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a research note on Thursday, March 6th. Finally, Wells Fargo & Company cut their price target on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $95.33.
Check Out Our Latest Research Report on FWONK
Formula One Group Trading Down 7.2 %
The firm has a market cap of $20.07 billion, a P/E ratio of 70.00 and a beta of 0.32. The business has a 50-day moving average price of $92.57 and a 200-day moving average price of $88.03.
Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. On average, equities analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its holdings 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 valued at $194,000 after buying an additional 2,013 shares in the last quarter. California State Teachers Retirement System lifted its position in Formula One Group by 1.8% during the fourth quarter. California State Teachers Retirement System now owns 350,938 shares of the company's stock valued at $32,518,000 after acquiring an additional 6,297 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Formula One Group by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company's stock valued at $37,529,000 after acquiring an additional 4,897 shares in the last quarter. Greenwood Gearhart Inc. grew its holdings in Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock worth $16,764,000 after purchasing an additional 4,761 shares during the last quarter. Finally, Allstate Corp acquired a new position in shares of Formula One Group during the fourth quarter worth $571,000. 92.26% of the stock is currently 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.
Featured Articles
Before you consider Formula One Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Formula One Group wasn't on the list.
While Formula One Group currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Market volatility creates opportunity. Our analysts have pinpointed 10 stocks perfectly positioned for exceptional growth this spring, even amid economic uncertainty. Don't miss your chance to access this timely research and invest with confidence.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
