Rosenblatt Securities Reiterates Buy Rating for Formula One Group (NASDAQ:FWONK)

Rosenblatt Securities restated their buy rating on shares of Formula One Group (NASDAQ:FWONK - Free Report) in a research note issued to investors on Friday morning,Benzinga reports. Rosenblatt Securities currently has a $102.00 target price on the stock.

FWONK has been the subject of several other reports. JPMorgan Chase & Co. upped their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, March 6th. Morgan Stanley dropped their price objective on Formula One Group from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. StockNews.com lowered Formula One Group from a "hold" rating to a "sell" rating in a research note on Monday, November 18th. Wells Fargo & Company reduced their price objective on shares of Formula One Group from $83.00 to $80.00 and set an "underweight" rating for the company in a research note on Friday, February 28th. Finally, Seaport Res Ptn downgraded shares of Formula One Group from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Formula One Group presently has an average rating of "Hold" and a consensus price target of $95.33.

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Formula One Group Price Performance

Shares of NASDAQ:FWONK traded down $0.37 during trading hours on Friday, hitting $84.78. 1,330,653 shares of the company's stock traded hands, compared to its average volume of 1,303,203. The business has a fifty day moving average price of $94.35 and a 200-day moving average price of $86.79. Formula One Group has a 1 year low of $64.37 and a 1 year high of $102.33. The firm has a market capitalization of $21.13 billion, a P/E ratio of 73.72 and a beta of 0.13.

Formula One Group (NASDAQ:FWONK - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS 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 analysts' expectations of $1.37 billion. As a group, equities analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction dated 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 sale, the chief executive officer now owns 1,240,785 shares of the company's stock, valued at $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.31% of the stock is currently owned by company insiders.

Institutional Trading of Formula One Group

A number of hedge funds have recently modified their holdings of the stock. Hahn Capital Management LLC increased its holdings in Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock valued at $6,226,000 after buying an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. grew its position in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock valued at $13,640,000 after acquiring an additional 13,146 shares during the period. Everence Capital Management Inc. purchased a new position in shares of Formula One Group in the 4th quarter valued at about $827,000. Allstate Corp acquired a new position in Formula One Group in the 4th quarter worth about $571,000. Finally, Public Employees Retirement System of Ohio boosted its position in Formula One Group by 1.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company's stock worth $37,529,000 after purchasing an additional 4,897 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company's 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.