Formula One Group (NASDAQ:FWONK) Shares Down 2.8% - What's Next?

Shares of Formula One Group (NASDAQ:FWONK - Get Free Report) traded down 2.8% during mid-day trading on Friday . The company traded as low as $82.10 and last traded at $84.29. 335,179 shares traded hands during trading, a decline of 73% from the average session volume of 1,220,362 shares. The stock had previously closed at $86.71.

Analyst Ratings Changes

Several research analysts have issued reports on the company. StockNews.com raised Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Rosenblatt Securities reiterated a "buy" rating and issued a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. JPMorgan Chase & Co. boosted their price objective on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, March 6th. 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 note on Friday, February 28th. Finally, Seaport Res Ptn upgraded shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 16th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $95.33.

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Formula One Group Price Performance

The company has a market capitalization of $19.78 billion, a P/E ratio of 68.99 and a beta of 0.32. The business's 50-day moving average price is $92.28 and its two-hundred day moving average price is $88.18.

Formula One Group (NASDAQ:FWONK - Get Free Report) last posted its earnings results 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 business had revenue of $20.71 billion during the quarter, compared to analysts' expectations of $1.37 billion. Research analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently made changes to their positions in FWONK. Greenwood Gearhart Inc. lifted its position in shares of Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock worth $13,640,000 after purchasing an additional 13,146 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the 4th quarter valued at approximately $827,000. Janney Montgomery Scott LLC grew its stake in shares of 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 buying an additional 287 shares in the last quarter. Hahn Capital Management LLC raised its position in Formula One Group by 47.7% during the fourth 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 in the last quarter. Finally, Allstate Corp acquired a new position in shares of Formula One Group during the 4th quarter worth about $571,000. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.