Formula One Group (NASDAQ:FWONK) Raised to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Formula One Group (NASDAQ:FWONK - Free Report) from an equal weight rating to an overweight rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The brokerage currently has $115.00 target price on the stock, up from their previous target price of $95.00.

Several other brokerages have also issued reports on FWONK. Seaport Res Ptn lowered shares of Formula One Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 4th. UBS Group began coverage on Formula One Group in a report on Thursday, October 17th. They set a "neutral" rating and a $85.00 price objective on the stock. Rosenblatt Securities increased their target price on Formula One Group from $91.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Finally, StockNews.com downgraded Formula One Group from a "hold" rating to a "sell" rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $95.75.

Formula One Group Price Performance

NASDAQ:FWONK traded down $2.32 during midday trading on Wednesday, reaching $92.58. The stock had a trading volume of 2,005,373 shares, compared to its average volume of 1,179,107. The stock has a market capitalization of $20.58 billion, a P/E ratio of 80.51 and a beta of 0.18. Formula One Group has a 1-year low of $61.44 and a 1-year high of $96.89. The firm's fifty day simple moving average is $84.38 and its 200-day simple moving average is $78.92.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. On average, equities research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the business's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory B. Maffei sold 35,463 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the sale, the chief executive officer now directly owns 1,240,785 shares of the company's stock, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,374 shares of company stock worth $4,940,369 over the last ninety days. Corporate insiders own 4.31% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FWONK. Hahn Capital Management LLC raised its stake in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company's stock worth $4,929,000 after buying an additional 17,219 shares during the last quarter. Greenwood Gearhart Inc. grew its holdings in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock worth $13,640,000 after acquiring an additional 13,146 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company's stock valued at $2,117,000 after purchasing an additional 3,958 shares during the period. Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company's stock worth $461,000 after purchasing an additional 864 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock worth $538,000 after purchasing an additional 203 shares during the last quarter. 92.26% of the stock is currently owned by 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.