Formula One Group (NASDAQ:FWONK) Shares Gap Down on Disappointing Earnings

Formula One Group (NASDAQ:FWONK - Get Free Report)'s share price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $94.94, but opened at $89.47. Formula One Group shares last traded at $89.36, with a volume of 567,173 shares.

The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $1.37 billion.

Wall Street Analyst Weigh In

FWONK has been the subject of several research reports. Morgan Stanley reduced their target price on Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Friday. StockNews.com downgraded Formula One Group from a "hold" rating to a "sell" rating in a report on Monday, November 18th. Rosenblatt Securities reissued a "buy" rating and issued a $102.00 target price on shares of Formula One Group in a report on Wednesday, February 26th. Seaport Res Ptn downgraded Formula One Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company reduced their target price on Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a report on Friday. Two 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. Based on data from MarketBeat.com, Formula One Group currently has an average rating of "Hold" and an average price target of $93.40.

Remove Ads

Insider Activity at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the business's stock in a transaction that occurred 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 owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Formula One Group

Institutional investors and hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its stake in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company's stock valued at $2,117,000 after buying an additional 3,958 shares in the last quarter. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company's stock valued at $461,000 after buying an additional 864 shares in the last quarter. MetLife Investment Management LLC lifted its stake in 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 in the last quarter. Greenwood Gearhart Inc. lifted 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 valued at $13,640,000 after buying an additional 13,146 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new stake in Formula One Group in the 4th quarter valued at approximately $827,000. Institutional investors and hedge funds own 92.26% of the company's stock.

Formula One Group Trading Down 2.9 %

The business has a 50 day moving average of $94.80 and a 200-day moving average of $86.25. The stock has a market cap of $23.29 billion, a PE ratio of 81.44 and a beta of 0.11.

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.