Seaport Res Ptn Issues Negative Forecast for FWONK Earnings

Formula One Group (NASDAQ:FWONK - Free Report) - Investment analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for Formula One Group in a note issued to investors on Wednesday, December 4th. Seaport Res Ptn analyst D. Joyce now expects that the company will post earnings of $1.46 per share for the year, down from their previous estimate of $1.54. Seaport Res Ptn has a "Hold" rating on the stock. The consensus estimate for Formula One Group's current full-year earnings is $1.36 per share. Seaport Res Ptn also issued estimates for Formula One Group's Q4 2024 earnings at $0.58 EPS, Q1 2025 earnings at ($0.29) EPS, Q3 2025 earnings at $0.23 EPS and FY2025 earnings at $0.80 EPS.

A number of other brokerages have also recently commented on FWONK. UBS Group started coverage on Formula One Group in a report on Thursday, October 17th. They set a "neutral" rating and a $85.00 target price for the company. Rosenblatt Securities upped their price target on Formula One Group from $91.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Morgan Stanley increased their price objective on Formula One Group from $80.00 to $85.00 and gave the company an "equal weight" rating in a research note on Monday, September 23rd. Finally, StockNews.com cut Formula One Group from a "hold" rating to a "sell" rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $88.25.

Formula One Group Stock Down 2.9 %

Shares of Formula One Group stock traded down $2.75 during trading on Monday, reaching $91.14. The company's stock had a trading volume of 1,358,369 shares, compared to its average volume of 1,172,074. The company has a market cap of $20.26 billion, a price-to-earnings ratio of 79.25 and a beta of 0.17. Formula One Group has a 1-year low of $61.44 and a 1-year high of $94.84. The company has a 50-day simple moving average of $82.22 and a two-hundred day simple moving average of $78.02.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analysts' expectations of $837.59 million.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. MetLife Investment Management LLC lifted its stake in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock valued at $538,000 after purchasing an additional 203 shares during the last quarter. Lountzis Asset Management LLC lifted its position in 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 buying an additional 864 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company's stock worth $2,117,000 after buying an additional 3,958 shares in the last quarter. Greenwood Gearhart Inc. lifted its position in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock worth $13,640,000 after buying an additional 13,146 shares in the last quarter. Finally, Hahn Capital Management LLC increased its stake in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company's stock worth $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Institutional investors own 92.26% of the company's stock.

Insider Activity

In related news, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the company's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,911 shares of company stock worth $2,403,701.

About Formula One Group

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.