Formula One Group (NASDAQ:FWONK) Short Interest Up 22.8% in March

Formula One Group (NASDAQ:FWONK - Get Free Report) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 6,670,000 shares, an increase of 22.8% from the March 15th total of 5,430,000 shares. Based on an average daily trading volume, of 1,360,000 shares, the days-to-cover ratio is currently 4.9 days. Currently, 2.8% of the company's shares are short sold.

Institutional Trading of Formula One Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Everence Capital Management Inc. acquired a new stake in Formula One Group during the 4th quarter valued at $827,000. Janney Montgomery Scott LLC raised its stake in Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock valued at $2,560,000 after purchasing an additional 287 shares in the last quarter. Hahn Capital Management LLC lifted its holdings in shares of Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock worth $6,226,000 after acquiring an additional 21,699 shares during the period. Allstate Corp acquired a new stake in shares of Formula One Group in the 4th quarter valued at $571,000. Finally, Greenwood Gearhart Inc. grew its position in Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock valued at $16,764,000 after acquiring an additional 4,761 shares during the last quarter. Institutional investors own 92.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FWONK. Morgan Stanley reduced their price target on 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. Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. Wells Fargo & Company lowered their target price on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a research note on Friday, February 28th. StockNews.com raised shares of Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $95.33.

Formula One Group Trading Up 1.8 %

Shares of Formula One Group stock traded up $1.56 during trading on Wednesday, reaching $85.93. The stock had a trading volume of 403,486 shares, compared to its average volume of 1,255,111. The stock has a fifty day moving average price of $87.87 and a two-hundred day moving average price of $88.35. Formula One Group has a 52 week low of $68.18 and a 52 week high of $102.33. The company has a market capitalization of $21.42 billion, a price-to-earnings ratio of 74.72 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analyst estimates of $1.37 billion. On average, equities analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

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.