Formula One Group (NASDAQ:FWONK) Trading Down 0.6% - What's Next?

Formula One Group (NASDAQ:FWONK - Get Free Report) shares were down 0.6% during trading on Thursday . The stock traded as low as $84.32 and last traded at $86.04. Approximately 137,795 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,255,708 shares. The stock had previously closed at $86.59.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FWONK. StockNews.com raised Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Seaport Res Ptn upgraded Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. Rosenblatt Securities reiterated a "buy" rating and set a $102.00 price target on shares of Formula One Group in a research report on Friday, March 7th. Morgan Stanley lowered their price objective on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Finally, Wells Fargo & Company reduced their target price on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Formula One Group presently has an average rating of "Moderate Buy" and a consensus target price of $95.33.

Formula One Group Stock Performance

The company has a market capitalization of $21.84 billion, a price-to-earnings ratio of 76.20 and a beta of 0.32. The business's 50-day simple moving average is $87.21 and its 200-day simple moving average is $88.59.

Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share 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, analysts forecast that Formula One Group will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its stake in shares of Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock valued at $194,000 after acquiring an additional 2,013 shares during the last quarter. Allstate Corp bought a new stake in Formula One Group in the fourth quarter valued at approximately $571,000. Everence Capital Management Inc. acquired a new stake in Formula One Group in the fourth quarter worth $827,000. Praxis Investment Management Inc. boosted its position in shares of Formula One Group by 10.7% during the first quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company's stock worth $888,000 after purchasing an additional 950 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings 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 valued at $2,560,000 after buying an additional 287 shares during the period. Institutional investors own 92.26% of the company's stock.

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.