MAI Capital Management Sells 20,614 Shares of Formula One Group (NASDAQ:FWONK)

MAI Capital Management cut its stake in Formula One Group (NASDAQ:FWONK - Free Report) by 13.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 137,645 shares of the company's stock after selling 20,614 shares during the period. MAI Capital Management owned 0.07% of Formula One Group worth $10,658,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group during the second quarter worth $48,000. Hahn Capital Management LLC raised its holdings in 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. Janney Montgomery Scott LLC lifted its position in Formula One Group by 16.9% during 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. Finally, Lountzis Asset Management LLC boosted its stake 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 valued at $461,000 after purchasing an additional 864 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FWONK shares. Morgan Stanley lifted their price objective on Formula One Group from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Monday, September 23rd. StockNews.com cut Formula One Group from a "hold" rating to a "sell" rating in a research note on Monday. Rosenblatt Securities lifted their price objective on shares of Formula One Group from $91.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, UBS Group initiated coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a "neutral" rating and a $85.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Formula One Group presently has an average rating of "Hold" and an average target price of $88.25.

Insider Transactions at Formula One Group

In other news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares of the company's stock, valued at $250,040.34. This trade represents a 23.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Renee L. Wilm sold 19,202 shares of the company's stock in a transaction dated Friday, September 20th. The shares were 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. Insiders sold 30,817 shares of company stock valued at $2,327,591 over the last three months.

Formula One Group Stock Performance

FWONK stock traded up $0.77 during mid-day trading on Tuesday, hitting $81.24. 1,182,864 shares of the company were exchanged, compared to its average volume of 1,162,896. Formula One Group has a 1-year low of $61.23 and a 1-year high of $86.65. The firm's 50 day simple moving average is $78.89 and its 200 day simple moving average is $76.20. The firm has a market cap of $18.06 billion, a P/E ratio of 69.75 and a beta of 0.01.

Formula One Group (NASDAQ:FWONK - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. On average, equities research analysts predict that Formula One Group will post 1.24 EPS for the current fiscal year.

Formula One Group 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.