Formula One Group (NASDAQ:FWONK) Short Interest Up 10.8% in December

Formula One Group (NASDAQ:FWONK) was the target of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 4,840,000 shares, a growth of 10.8% from the December 15th total of 4,370,000 shares. Based on an average daily trading volume, of 1,110,000 shares, the short-interest ratio is presently 4.4 days.

Formula One Group Trading Up 1.3 %

Shares of NASDAQ:FWONK traded up $1.20 during trading on Monday, reaching $91.20. The company’s stock had a trading volume of 769,892 shares, compared to its average volume of 1,003,555. The stock has a market capitalization of $22.68 billion, a PE ratio of 79.31 and a beta of 0.11. Formula One Group has a 12 month low of $62.49 and a 12 month high of $96.89. The firm’s 50 day simple moving average is $90.40 and its two-hundred day simple moving average is $82.24.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. Research analysts anticipate that Formula One Group will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Rosenblatt Securities increased their price target on Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $95.00 to $115.00 in a report on Wednesday, December 18th. UBS Group started coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price on the stock. Finally, StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.00.

Insider Buying and Selling at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

Several institutional investors and hedge funds have recently made changes to their positions in FWONK. Janney Montgomery Scott LLC increased its holdings in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the period. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares during the period. MetLife Investment Management LLC grew its holdings in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares in the last quarter. Greenwood Gearhart Inc. increased its position in 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 purchasing an additional 13,146 shares during the period. Finally, Everence Capital Management Inc. bought a new stake in shares of Formula One Group in the 4th quarter valued at about $827,000. 92.26% of the stock is currently owned by 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.