Rosenblatt Securities Forecasts Strong Price Appreciation for Formula One Group (NASDAQ:FWONK) Stock

Formula One Group (NASDAQ:FWONK - Get Free Report) had its target price boosted by analysts at Rosenblatt Securities from $91.00 to $93.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Rosenblatt Securities' target price indicates a potential upside of 14.18% from the company's previous close.

Several other research firms have also recently commented on FWONK. StockNews.com upgraded Formula One Group to a "sell" rating in a research note on Wednesday, October 30th. UBS Group started coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a "neutral" rating and a $85.00 price target on the stock. Finally, Morgan Stanley boosted their price objective on Formula One Group from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $88.25.

Formula One Group Stock Up 1.1 %

Shares of NASDAQ FWONK traded up $0.91 on Friday, hitting $81.45. The company had a trading volume of 1,353,273 shares, compared to its average volume of 1,154,757. Formula One Group has a 12-month low of $61.23 and a 12-month high of $85.60. The firm has a market capitalization of $17.09 billion, a P/E ratio of 76.84 and a beta of 0.01. The business has a 50 day moving average of $78.14 and a two-hundred day moving average of $75.50.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly 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 company had revenue of $853.00 million for the quarter, compared to analyst estimates of $960.45 million. On average, sell-side analysts anticipate that Formula One Group will post 1.01 earnings per share for the current year.

Insider Activity at Formula One Group

In other news, Director Andrea L. Wong sold 1,604 shares of the company's stock in a transaction that occurred on 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 sale, the director now directly owns 5,274 shares of the company's stock, valued at approximately $250,040.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Formula One Group news, 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 value of $1,512,733.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction that occurred on 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 directly owns 5,274 shares in the company, valued at $250,040.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,817 shares of company stock worth $2,327,591 over the last ninety days.

Institutional Investors Weigh In On Formula One Group

Several hedge funds have recently modified their holdings of FWONK. Beach Investment Counsel Inc. PA purchased a new stake in shares of Formula One Group in the 2nd quarter valued at approximately $48,000. Lountzis Asset Management LLC lifted its holdings in shares of Formula One Group by 17.0% in the third 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 in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Formula One Group by 13.6% in the first 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 period. Finally, Hahn Capital Management LLC grew its holdings 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 valued at $4,929,000 after buying an additional 17,219 shares in the last quarter. 92.26% of the stock is 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.

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