Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) dropped 2.6% during trading on Thursday . The stock traded as low as $78.48 and last traded at $79.87. Approximately 286,113 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,240,102 shares. The stock had previously closed at $81.99.
Wall Street Analysts Forecast Growth
FWONK has been the topic of several recent analyst reports. Morgan Stanley decreased their target price on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a 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. JPMorgan Chase & Co. lifted their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, March 6th. StockNews.com raised shares of Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company lowered their price objective on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating on the stock in a report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $95.33.
Read Our Latest Analysis on FWONK
Formula One Group Price Performance
The business's 50 day moving average price is $90.39 and its 200 day moving average price is $88.20. The stock has a market capitalization of $19.56 billion, a P/E ratio of 68.25 and a beta of 0.32.
Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. As a group, analysts forecast that Formula One Group will post 1.36 earnings per share for the current fiscal year.
Institutional Trading of Formula One Group
Several institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio increased its position in shares of Formula One Group by 1.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company's stock worth $37,529,000 after purchasing an additional 4,897 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Formula One Group by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company's stock worth $32,518,000 after buying an additional 6,297 shares during the period. Greenwood Gearhart Inc. lifted its stake in Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock valued at $16,764,000 after buying an additional 4,761 shares in the last quarter. Hahn Capital Management LLC raised its stake in Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock valued at $6,226,000 after purchasing an additional 21,699 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after acquiring an additional 287 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors.
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.
Further Reading
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