Wells Fargo & Company Begins Coverage on Formula One Group (NASDAQ:FWONA)

Analysts at Wells Fargo & Company started coverage on shares of Formula One Group (NASDAQ:FWONA) in a research report issued on Monday,Benzinga reports. The brokerage set an “underweight” rating and a $83.00 price target on the stock. Wells Fargo & Company‘s price target points to a potential downside of 4.97% from the company’s current price.

A number of other brokerages also recently commented on FWONA. Benchmark reaffirmed 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 lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th.

Formula One Group Stock Down 3.5 %

Shares of Formula One Group stock opened at $87.34 on Monday. Formula One Group has a 52 week low of $57.43 and a 52 week high of $95.33. The business has a 50 day moving average price of $86.85 and a 200-day moving average price of $78.58. The company has a market cap of $21.72 billion, a PE ratio of 75.95 and a beta of 0.14.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.83% of the company’s stock.

Institutional Trading of Formula One Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Lountzis Asset Management LLC purchased a new position in shares of Formula One Group during the 3rd quarter valued at $220,000. Integrated Wealth Concepts LLC grew its position 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 worth $534,000 after buying an additional 300 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock worth $56,000 after acquiring an additional 266 shares during the last quarter. Finally, FNY Investment Advisers LLC raised its holdings in shares of Formula One Group by 25.6% in the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after acquiring an additional 159 shares in the last quarter. 8.38% of the stock is currently owned by institutional investors.

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.