Russell Investments Group Ltd. Reduces Stock Position in Formula One Group (NASDAQ:FWONK)

Russell Investments Group Ltd. lessened its position in shares of Formula One Group (NASDAQ:FWONK - Free Report) by 63.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 104,893 shares of the company's stock after selling 178,325 shares during the quarter. Russell Investments Group Ltd.'s holdings in Formula One Group were worth $9,734,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FWONK. Hahn Capital Management LLC lifted its position in Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company's stock worth $6,226,000 after acquiring an additional 21,699 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after purchasing an additional 287 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the fourth quarter worth $827,000. Finally, Allstate Corp purchased a new position in Formula One Group in the 4th quarter valued at $571,000. Institutional investors and hedge funds own 92.26% of the company's stock.

Formula One Group Price Performance

FWONK traded up $1.47 during trading on Tuesday, reaching $79.96. 88,539 shares of the stock were exchanged, compared to its average volume of 1,245,389. The company has a market capitalization of $19.93 billion, a price-to-earnings ratio of 69.62 and a beta of 0.32. Formula One Group has a 1 year low of $66.80 and a 1 year high of $102.33. The business's 50 day moving average price is $90.06 and its two-hundred day moving average price is $88.20.

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Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analysts' expectations of $1.37 billion. On average, analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Analysts Set New Price Targets

FWONK has been the subject of several recent analyst reports. Morgan Stanley reduced their target price 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. JPMorgan Chase & Co. boosted their target price on Formula One Group from $96.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, March 6th. Wells Fargo & Company reduced their price target 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, StockNews.com raised Formula One Group to a "sell" rating in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $95.33.

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.