Formula One Group (NASDAQ:FWONK) Trading 0.5% Higher - Time to Buy?

Formula One Group (NASDAQ:FWONK - Get Free Report) shares were up 0.5% during trading on Monday . The company traded as high as $88.63 and last traded at $88.08. Approximately 209,320 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,258,423 shares. The stock had previously closed at $87.63.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FWONK shares. JPMorgan Chase & Co. raised their price target on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, March 6th. Susquehanna started coverage on shares of Formula One Group in a research note on Monday. They issued a "positive" rating and a $115.00 target price for the company. StockNews.com raised shares of Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. Finally, Morgan Stanley lowered their price objective on Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $98.14.

Formula One Group Stock Performance

The stock has a market capitalization of $21.87 billion, a P/E ratio of 76.24 and a beta of 0.32. The firm has a 50-day moving average price of $87.21 and a 200 day moving average price of $88.67.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly 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 company had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $1.37 billion. On average, equities analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FWONK. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group during the 4th quarter valued at about $827,000. Janney Montgomery Scott LLC grew its position in 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 acquiring an additional 287 shares during the last quarter. Hahn Capital Management LLC grew 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 worth $6,226,000 after acquiring an additional 21,699 shares in the last quarter. Allstate Corp purchased a new position in Formula One Group during the 4th quarter worth $571,000. Finally, Greenwood Gearhart Inc. raised its holdings in shares of Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock valued at $16,764,000 after acquiring an additional 4,761 shares in the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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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