Formula One Group (NASDAQ:FWONK) Trading Up 1.9% - Should You Buy?

Formula One Group (NASDAQ:FWONK - Get Free Report) was up 1.9% on Tuesday . The company traded as high as $79.83 and last traded at $79.95. Approximately 77,659 shares traded hands during trading, a decline of 94% from the average daily volume of 1,245,346 shares. The stock had previously closed at $78.49.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com upgraded Formula One Group to a "sell" rating in a report on Tuesday, April 1st. JPMorgan Chase & Co. upped 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. Morgan Stanley reduced their price target on shares of 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. Rosenblatt Securities restated a "buy" rating and issued a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. Finally, Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Formula One Group has a consensus rating of "Moderate Buy" and a consensus target price of $95.33.

Formula One Group Stock Up 3.8 %

The firm's fifty day moving average price is $88.58 and its 200-day moving average price is $88.17. The stock has a market cap of $20.64 billion, a P/E ratio of 71.99 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. 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 for the quarter, compared to analyst estimates of $1.37 billion. Sell-side analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

Several hedge funds have recently made changes to their positions in the business. Everence Capital Management Inc. purchased a new stake in Formula One Group in the fourth quarter worth about $827,000. Janney Montgomery Scott LLC raised its position in shares of Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after acquiring an additional 287 shares in the last quarter. Hahn Capital Management LLC lifted 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 valued at $6,226,000 after purchasing an additional 21,699 shares during the period. Allstate Corp bought a new stake in shares of Formula One Group during the fourth quarter valued at approximately $571,000. Finally, Greenwood Gearhart Inc. boosted its holdings in shares of Formula One Group by 2.7% during the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock valued at $16,764,000 after buying an additional 4,761 shares in the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.