Formula One Group (NASDAQ:FWONA) Coverage Initiated by Analysts at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company started coverage on shares of Formula One Group (NASDAQ:FWONA - Get Free Report) in a report issued on Monday,Benzinga reports. The firm set an "underweight" rating and a $83.00 price target on the stock. Wells Fargo & Company's target price indicates a potential downside of 1.83% from the company's previous close.

FWONA has been the topic of several other research reports. Benchmark reiterated a "buy" rating and set a $81.00 price target on shares of Formula One Group in a research report on Thursday, November 14th. Seaport Res Ptn cut shares of Formula One Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, December 5th.

Formula One Group Trading Down 3.9 %

Shares of FWONA stock traded down $3.46 during mid-day trading on Monday, reaching $84.55. The stock had a trading volume of 143,175 shares, compared to its average volume of 101,096. The stock's 50-day moving average price is $86.97 and its two-hundred day moving average price is $78.78. Formula One Group has a 52-week low of $57.43 and a 52-week high of $95.33. The firm has a market capitalization of $21.03 billion, a PE ratio of 73.33 and a beta of 0.14.

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Insider Activity at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.83% of the stock is owned by insiders.

Institutional Trading of Formula One Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FNY Investment Advisers LLC increased its stake in shares of Formula One Group by 25.6% in the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company's stock worth $65,000 after purchasing an additional 159 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Formula One Group by 67.2% during the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company's stock valued at $56,000 after acquiring an additional 266 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company's stock valued at $534,000 after acquiring an additional 300 shares in the last quarter. Finally, Lountzis Asset Management LLC purchased a new position in Formula One Group during the third quarter valued at $220,000. 8.38% of the stock is owned by hedge funds and other institutional investors.

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.