Formula One Group (NASDAQ:FWONK) Stock Price Down 2% - Here's Why

Formula One Group (NASDAQ:FWONK - Get Free Report) traded down 2% during mid-day trading on Friday . The stock traded as low as $76.79 and last traded at $76.83. 187,179 shares changed hands during trading, a decline of 85% from the average session volume of 1,244,662 shares. The stock had previously closed at $78.37.

Analyst Upgrades and Downgrades

FWONK has been the subject of a number of recent research reports. StockNews.com upgraded Formula One Group to a "sell" rating in a research report on Tuesday, April 1st. Morgan Stanley lowered their price objective on Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Rosenblatt Securities restated a "buy" rating and set a $102.00 target price on shares of Formula One Group in a research report on Friday, March 7th. Wells Fargo & Company reduced their target price on shares of 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. 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 equities research analysts have rated the stock with a sell rating, one has given 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.com, Formula One Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.33.

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Formula One Group Stock Up 2.3 %

The firm has a market capitalization of $20.01 billion, a P/E ratio of 69.79 and a beta of 0.32. The stock has a fifty day moving average of $90.06 and a 200-day moving average of $88.20.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its quarterly 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 company had revenue of $20.71 billion during the quarter, compared to analysts' expectations of $1.37 billion. Sell-side analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Everence Capital Management Inc. acquired a new position in shares of Formula One Group in the fourth quarter valued at about $827,000. Janney Montgomery Scott LLC raised its stake in 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 purchasing an additional 287 shares in the last quarter. Hahn Capital Management LLC lifted 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 purchasing an additional 21,699 shares during the period. Allstate Corp acquired a new stake in Formula One Group during the fourth quarter worth about $571,000. Finally, Greenwood Gearhart Inc. increased its holdings in Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock valued at $16,764,000 after buying an additional 4,761 shares during the period. Institutional investors and hedge funds 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.