Formula One Group (NASDAQ:FWONK - Get Free Report) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 4,840,000 shares, a growth of 10.8% from the December 15th total of 4,370,000 shares. Based on an average daily volume of 1,110,000 shares, the short-interest ratio is currently 4.4 days.
Wall Street Analyst Weigh In
A number of research firms have issued reports on FWONK. Rosenblatt Securities boosted their target price on shares of Formula One Group from $93.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, January 10th. UBS Group started coverage on Formula One Group in a research report on Thursday, October 17th. They set a "neutral" rating and a $85.00 price objective for the company. Morgan Stanley upgraded Formula One Group from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th. Seaport Res Ptn lowered Formula One Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 4th. Finally, StockNews.com lowered Formula One Group from a "hold" rating to a "sell" rating in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Formula One Group currently has a consensus rating of "Hold" and a consensus price target of $98.00.
Get Our Latest Report on Formula One Group
Insider Activity at Formula One Group
In related news, CEO Gregory B. Maffei sold 35,463 shares of the firm's stock in a transaction 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 directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by company insiders.
Institutional Trading of Formula One Group
Several large investors have recently made changes to their positions in the stock. Lountzis Asset Management LLC boosted its holdings 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 buying an additional 864 shares during the period. MetLife Investment Management LLC grew 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 valued at $538,000 after purchasing an additional 203 shares during the last quarter. Everence Capital Management Inc. bought a new position in shares of Formula One Group in the fourth quarter worth about $827,000. Janney Montgomery Scott LLC lifted its position in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company's stock worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Greenwood Gearhart Inc. boosted its stake in 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 purchasing an additional 13,146 shares during the period. Institutional investors own 92.26% of the company's stock.
Formula One Group Price Performance
FWONK traded up $1.20 on Monday, reaching $91.20. 769,892 shares of the company traded hands, compared to its average volume of 1,003,555. The company has a market cap of $22.68 billion, a price-to-earnings ratio of 79.31 and a beta of 0.11. The stock's 50 day moving average price is $90.59 and its 200-day moving average price is $82.37. Formula One Group has a 52-week low of $62.49 and a 52-week high of $96.89.
Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analysts' expectations of $837.59 million. As a group, equities research analysts forecast that Formula One Group will post 1.36 earnings per share for the current fiscal year.
Formula One Group Company Profile
(
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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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