Formula One Group (NASDAQ:FWONK) Shares Up 2.2% - What's Next?

Formula One Group (NASDAQ:FWONK - Get Free Report)'s stock price rose 2.2% during trading on Monday . The stock traded as high as $79.64 and last traded at $78.89. Approximately 217,981 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 1,244,564 shares. The stock had previously closed at $77.19.

Wall Street Analysts Forecast Growth

FWONK has been the topic of several research analyst reports. Seaport Res Ptn upgraded shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 16th. Wells Fargo & Company lowered their price target 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. JPMorgan Chase & Co. raised their price objective 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. Rosenblatt Securities reiterated a "buy" rating and issued a $102.00 target price on shares of Formula One Group in a report on Friday, March 7th. Finally, StockNews.com raised shares of Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $95.33.

Formula One Group Price Performance

The stock has a market capitalization of $20.64 billion, a price-to-earnings ratio of 71.99 and a beta of 0.32. The stock's 50 day simple moving average is $88.58 and its 200-day simple moving average is $88.25.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analysts' expectations of $1.37 billion. As a group, equities research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently modified their holdings of the company. Hahn Capital Management LLC increased 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 during the period. Everence Capital Management Inc. bought a new stake in shares of Formula One Group in the fourth quarter valued at about $827,000. California State Teachers Retirement System grew its position in Formula One Group by 1.8% during 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 about $571,000. Finally, Public Employees Retirement System of Ohio raised its holdings in Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company's stock valued at $37,529,000 after acquiring an additional 4,897 shares in the last quarter. Institutional investors own 92.26% of the company's stock.

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.