Formula One Group (NASDAQ:FWONK) Shares Down 0.5% - What's Next?

Formula One Group (NASDAQ:FWONK - Get Free Report) was down 0.5% during trading on Wednesday . The stock traded as low as $78.28 and last traded at $79.84. Approximately 88,482 shares changed hands during trading, a decline of 93% from the average daily volume of 1,243,919 shares. The stock had previously closed at $80.26.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. Wells Fargo & Company reduced their target price on Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a report on Friday, February 28th. StockNews.com raised Formula One Group to a "sell" rating in a research note on Tuesday, April 1st. Morgan Stanley lowered their target price on shares of 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. Finally, Seaport Res Ptn raised shares of Formula One Group from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 16th. Two 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $95.33.

Formula One Group Price Performance

The company has a market capitalization of $20.64 billion, a PE ratio of 71.99 and a beta of 0.32. The business'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 released its quarterly 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 firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. As a group, analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Institutional Trading of Formula One Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the fourth quarter worth about $827,000. Hahn Capital Management LLC lifted its position in shares of Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock worth $6,226,000 after buying an additional 21,699 shares during the last quarter. Greenwood Gearhart Inc. lifted 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 buying an additional 4,761 shares during the last quarter. Allstate Corp acquired a new position in shares of Formula One Group in the 4th quarter valued at $571,000. Finally, Janney Montgomery Scott LLC grew its position in shares of 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 buying an additional 287 shares during the last quarter. Hedge funds and other 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.