Formula One Group (NASDAQ:FWONK) Stock Price Up 2.5% - Here's What Happened

Formula One Group (NASDAQ:FWONK - Get Free Report) traded up 2.5% during trading on Wednesday . The company traded as high as $87.06 and last traded at $86.49. 104,099 shares were traded during trading, a decline of 92% from the average session volume of 1,253,987 shares. The stock had previously closed at $84.37.

Analysts Set New Price Targets

FWONK has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of 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. Wells Fargo & Company dropped their price objective on 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. StockNews.com raised Formula One Group to a "sell" rating in a report on Tuesday, April 1st. JPMorgan Chase & Co. increased their price objective on Formula One Group from $96.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, March 6th. Finally, Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 16th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $95.33.

Formula One Group Stock Performance

The company has a market cap of $21.64 billion, a price-to-earnings ratio of 75.49 and a beta of 0.32. The firm's 50-day moving average price is $87.87 and its 200 day moving average price is $88.35.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued 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 business had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. As a group, equities research analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of FWONK. Everence Capital Management Inc. acquired a new position in Formula One Group during the fourth quarter worth $827,000. Hahn Capital Management LLC grew its stake in Formula One Group by 47.7% in 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. Greenwood Gearhart Inc. increased its position in shares of Formula One Group by 2.7% during the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock worth $16,764,000 after purchasing an additional 4,761 shares during the last quarter. Allstate Corp bought a new stake in shares of Formula One Group during the 4th quarter worth approximately $571,000. Finally, 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. 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.

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