Formula One Group (NASDAQ:FWONK) Stock Price Up 0.4% - Here's Why

Formula One Group (NASDAQ:FWONK - Get Free Report) was up 0.4% during mid-day trading on Tuesday . The stock traded as high as $84.22 and last traded at $83.57. Approximately 171,928 shares changed hands during trading, a decline of 86% from the average daily volume of 1,252,891 shares. The stock had previously closed at $83.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FWONK shares. Seaport Res Ptn upgraded Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. JPMorgan Chase & Co. increased their target price on shares of 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 note on Tuesday, April 1st. Rosenblatt Securities restated a "buy" rating and issued a $102.00 price target on shares of Formula One Group in a research report on Friday, March 7th. Finally, Wells Fargo & Company reduced their target price on 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 equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $95.33.

Formula One Group Price Performance

The firm has a fifty day simple moving average of $88.23 and a two-hundred day simple moving average of $88.37. The firm has a market capitalization of $20.91 billion, a P/E ratio of 72.95 and a beta of 0.32.

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 analysts' consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, research analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Institutional Trading of Formula One Group

Large investors have recently modified their holdings of the business. 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 valued at $6,226,000 after purchasing an additional 21,699 shares in the last quarter. Everence Capital Management Inc. bought a new stake in Formula One Group in the 4th quarter worth approximately $827,000. California State Teachers Retirement System boosted its stake in Formula One Group by 1.8% in the fourth 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 in the last quarter. Allstate Corp bought a new position in Formula One Group during the fourth quarter valued at approximately $571,000. Finally, Public Employees Retirement System of Ohio raised its stake 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 acquiring an additional 4,897 shares in the last quarter. Institutional investors own 92.26% of the company's stock.

About Formula One Group

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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