Seaport Res Ptn Has Bullish Forecast for FWONK Q4 Earnings

Formula One Group (NASDAQ:FWONK - Free Report) - Analysts at Seaport Res Ptn boosted their Q4 2024 earnings per share (EPS) estimates for shares of Formula One Group in a research report issued on Thursday, November 7th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings of $0.62 per share for the quarter, up from their previous estimate of $0.52. The consensus estimate for Formula One Group's current full-year earnings is $1.01 per share. Seaport Res Ptn also issued estimates for Formula One Group's FY2028 earnings at $1.56 EPS.

A number of other research firms have also recently commented on FWONK. Rosenblatt Securities raised their target price on Formula One Group from $91.00 to $93.00 and gave the company a "buy" rating in a research report on Friday. StockNews.com raised Formula One Group to a "sell" rating in a report on Friday. UBS Group began coverage on Formula One Group in a research note on Thursday, October 17th. They set a "neutral" rating and a $85.00 target price for the company. Finally, Morgan Stanley increased their target price on Formula One Group from $80.00 to $85.00 and gave the company an "equal weight" rating in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $88.25.

Formula One Group Trading Down 0.0 %

Formula One Group stock traded down $0.04 during mid-day trading on Monday, hitting $81.41. The company had a trading volume of 920,850 shares, compared to its average volume of 1,153,689. The company has a market capitalization of $17.08 billion, a price-to-earnings ratio of 76.85 and a beta of 0.01. Formula One Group has a 12-month low of $61.23 and a 12-month high of $85.60. The company's fifty day moving average is $78.21 and its 200-day moving average is $75.67.

Formula One Group (NASDAQ:FWONK - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.22). The firm had revenue of $853.00 million during the quarter, compared to analysts' expectations of $960.45 million.

Insiders Place Their Bets

In other news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $76,045.64. Following the sale, the director now owns 5,274 shares of the company's stock, valued at approximately $250,040.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock valued at $2,327,591 over the last ninety days. Company insiders own 4.31% of the company's stock.

Institutional Investors Weigh In On Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 13.6% during 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 in the last quarter. Beach Investment Counsel Inc. PA purchased a new position in Formula One Group in the second quarter valued at $48,000. Hahn Capital Management LLC boosted its holdings in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company's stock valued at $4,929,000 after purchasing an additional 17,219 shares during the period. Finally, Lountzis Asset Management LLC grew its stake in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company's stock worth $461,000 after purchasing an additional 864 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company's stock.

About Formula One Group

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.