Formula One Group (NASDAQ:FWONK) Short Interest Update

Formula One Group (NASDAQ:FWONK - Get Free Report) was the target of a large decline in short interest in October. As of October 15th, there was short interest totalling 4,370,000 shares, a decline of 6.4% from the September 30th total of 4,670,000 shares. Based on an average daily trading volume, of 1,110,000 shares, the days-to-cover ratio is presently 3.9 days.

Formula One Group Trading Down 0.7 %

Formula One Group stock traded down $0.54 during trading hours on Thursday, hitting $80.12. 600,553 shares of the stock traded hands, compared to its average volume of 1,154,772. Formula One Group has a one year low of $61.23 and a one year high of $82.23. The company has a market cap of $18.83 billion, a PE ratio of 58.88 and a beta of 0.04. The firm's 50-day moving average price is $77.72 and its two-hundred day moving average price is $75.00.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to analysts' expectations of $960.45 million. On average, sell-side analysts expect that Formula One Group will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Formula One Group

In related news, insider Renee L. Wilm sold 19,202 shares of the company's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Andrea L. Wong sold 1,604 shares of the business's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares of the company's stock, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the firm's stock in a transaction that occurred on 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 in the last quarter. 4.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Hahn Capital Management LLC lifted its position in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company's stock valued at $4,929,000 after acquiring an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Formula One Group by 13.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company's stock worth $1,378,000 after buying an additional 2,514 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new position in Formula One Group during the 2nd quarter valued at about $48,000. 92.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FWONK has been the subject of a number of research reports. StockNews.com raised shares of Formula One Group to a "sell" rating in a research note on Wednesday. Morgan Stanley boosted their price target on shares of 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. Finally, UBS Group assumed coverage on Formula One Group in a research note on Thursday, October 17th. They set a "neutral" rating and a $85.00 price objective on the stock.

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.