JPMorgan Chase & Co. Increases Formula One Group (NASDAQ:FWONK) Price Target to $105.00

Formula One Group (NASDAQ:FWONK - Get Free Report) had its price target upped by stock analysts at JPMorgan Chase & Co. from $96.00 to $105.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 23.31% from the company's previous close.

Several other equities research analysts also recently commented on FWONK. Morgan Stanley lowered their price objective on shares of Formula One Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. StockNews.com downgraded Formula One Group from a "hold" rating to a "sell" rating in a research note on Monday, November 18th. Rosenblatt Securities reissued a "buy" rating and issued a $102.00 price objective on shares of Formula One Group in a report on Wednesday, February 26th. Wells Fargo & Company decreased 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. Finally, Seaport Res Ptn lowered shares of Formula One Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $95.33.

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Formula One Group Stock Performance

FWONK stock traded down $4.11 during trading on Thursday, reaching $85.15. 1,701,950 shares of the company traded hands, compared to its average volume of 1,302,594. The business has a 50 day simple moving average of $94.53 and a 200 day simple moving average of $86.73. Formula One Group has a 12 month low of $64.37 and a 12 month high of $102.33. The company has a market capitalization of $21.22 billion, a price-to-earnings ratio of 74.04 and a beta of 0.13.

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 for the quarter, compared to analyst estimates of $1.37 billion. As a group, research analysts forecast that Formula One Group will post 1.36 EPS for the current year.

Insider Activity at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares of the company's stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 4.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On Formula One Group

Large investors have recently bought and sold shares of the company. Lountzis Asset Management LLC grew its holdings in shares of Formula One Group by 17.0% during the third 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. MetLife Investment Management LLC boosted its position 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 worth $538,000 after acquiring an additional 203 shares during the last quarter. Allstate Corp purchased a new stake in Formula One Group during the 4th quarter valued at about $571,000. Everence Capital Management Inc. acquired a new stake in Formula One Group in the 4th quarter valued at about $827,000. Finally, Janney Montgomery Scott LLC raised its holdings 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 valued at $2,117,000 after acquiring an additional 3,958 shares during the last quarter. 92.26% of the stock is currently 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.