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

Formula One Group (NASDAQ:FWONK - Get Free Report)'s share price rose 0.5% on Monday . The stock traded as high as $82.99 and last traded at $80.89. Approximately 425,960 shares traded hands during trading, a decline of 65% from the average daily volume of 1,227,496 shares. The stock had previously closed at $80.50.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, March 6th. 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. Morgan Stanley cut their price target on Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Friday, February 28th. StockNews.com upgraded Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Finally, Seaport Res Ptn raised Formula One Group from a "hold" rating to a "strong-buy" rating in a research report on Sunday, March 16th. Two investment 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $95.33.

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Formula One Group Stock Performance

The company has a market capitalization of $19.30 billion, a PE ratio of 67.35 and a beta of 0.32. The business has a fifty day moving average price of $90.75 and a 200 day moving average price of $88.12.

Formula One Group (NASDAQ:FWONK - Get Free Report) last posted 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 for the quarter, compared to analysts' expectations of $1.37 billion. Research analysts forecast that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FWONK. Versant Capital Management Inc grew its position in Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company's stock valued at $194,000 after acquiring an additional 2,013 shares in the last quarter. Allstate Corp acquired a new stake in Formula One Group during the 4th quarter valued at $571,000. Everence Capital Management Inc. purchased a new stake in Formula One Group during the 4th quarter worth $827,000. Janney Montgomery Scott LLC lifted its holdings 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 worth $2,560,000 after buying an additional 287 shares in the last quarter. Finally, Hahn Capital Management LLC boosted its position 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 valued at $6,226,000 after buying an additional 21,699 shares during 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.