Formula One Group (NASDAQ:FWONK) Short Interest Update

Formula One Group (NASDAQ:FWONK - Get Free Report) was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 4,770,000 shares, a growth of 5.3% from the January 15th total of 4,530,000 shares. Based on an average daily volume of 1,190,000 shares, the days-to-cover ratio is currently 4.0 days.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.31% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FWONK. Lountzis Asset Management LLC raised its position in shares of Formula One Group by 17.0% in the third 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 period. MetLife Investment Management LLC raised its position in shares of 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 acquiring an additional 203 shares during the period. Allstate Corp acquired a new position in shares of Formula One Group in the fourth quarter worth about $571,000. Everence Capital Management Inc. acquired a new position in shares of Formula One Group in the fourth quarter worth about $827,000. Finally, Janney Montgomery Scott LLC raised its position 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 acquiring an additional 3,958 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FWONK has been the subject of several research reports. Seaport Res Ptn downgraded shares of Formula One Group from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. Morgan Stanley upgraded shares of Formula One Group from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $95.00 to $115.00 in a research note on Wednesday, December 18th. StockNews.com downgraded shares of Formula One Group from a "hold" rating to a "sell" rating in a research note on Monday, November 18th. Finally, Rosenblatt Securities lifted their price objective on shares of Formula One Group from $93.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $98.00.

Formula One Group Stock Performance

NASDAQ FWONK traded down $1.01 on Friday, reaching $96.84. 1,539,121 shares of the company's stock traded hands, compared to its average volume of 1,053,377. The firm has a market cap of $24.09 billion, a price-to-earnings ratio of 84.21 and a beta of 0.11. The stock has a 50 day moving average price of $94.74 and a 200-day moving average price of $85.43. Formula One Group has a fifty-two week low of $64.37 and a fifty-two week high of $102.33.

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.