Formula One Group (NASDAQ:FWONK - Get Free Report) saw a large decrease in short interest in November. As of November 15th, there was short interest totalling 4,060,000 shares, a decrease of 5.8% from the October 31st total of 4,310,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is currently 3.9 days.
Insider Transactions at Formula One Group
In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of the firm's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the company's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Insiders have sold 31,911 shares of company stock valued at $2,403,701 in the last 90 days.
Institutional Trading of Formula One Group
Hedge funds have recently bought and sold shares of the company. Lountzis Asset Management LLC boosted 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 acquiring an additional 864 shares during the last quarter. MetLife Investment Management LLC increased its position in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock worth $538,000 after buying an additional 203 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company's stock worth $2,117,000 after buying an additional 3,958 shares during the period. Hahn Capital Management LLC raised its stake in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company's stock worth $4,929,000 after buying an additional 17,219 shares during the period. Finally, Greenwood Gearhart Inc. lifted its position in shares of Formula One Group by 8.1% during 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. Hedge funds and other institutional investors own 92.26% of the company's stock.
Formula One Group Price Performance
Formula One Group stock traded down $0.52 during mid-day trading on Tuesday, reaching $88.50. The stock had a trading volume of 934,882 shares, compared to its average volume of 1,164,876. Formula One Group has a one year low of $61.23 and a one year high of $89.77. The company has a 50-day moving average price of $81.03 and a two-hundred day moving average price of $77.43. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 76.96 and a beta of 0.18.
Formula One Group (NASDAQ:FWONK - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. On average, equities research analysts anticipate that Formula One Group will post 1.38 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on FWONK shares. Rosenblatt Securities raised their price objective on Formula One Group from $91.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, November 8th. StockNews.com lowered Formula One Group from a "hold" rating to a "sell" rating in a research report on Monday, November 18th. Morgan Stanley boosted their price objective on Formula One Group from $80.00 to $85.00 and gave the company an "equal weight" rating in a research report on Monday, September 23rd. Finally, UBS Group assumed coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a "neutral" rating and a $85.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $88.25.
Check Out Our Latest Stock Analysis on Formula One Group
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.
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