Formula One Group (NASDAQ:FWONK) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Formula One Group (NASDAQ:FWONK) in a research note published on Friday morning,Benzinga reports. The firm currently has a $102.00 price objective on the stock.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday. Morgan Stanley reduced their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. 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. Wells Fargo & Company cut their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Finally, StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Formula One Group has a consensus rating of “Hold” and an average price target of $95.33.

Formula One Group Trading Down 3.5 %

Shares of NASDAQ FWONK opened at $89.26 on Friday. The firm has a fifty day simple moving average of $94.53 and a two-hundred day simple moving average of $86.73. The firm has a market capitalization of $22.25 billion, a PE ratio of 77.62 and a beta of 0.13. Formula One Group has a 12 month low of $64.37 and a 12 month high of $102.33.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, sell-side analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Insider Activity

In other news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction dated 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. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

A number of institutional investors have recently made changes to their positions in the stock. Everence Capital Management Inc. bought a new position in shares of Formula One Group in the 4th quarter worth approximately $827,000. Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after purchasing an additional 21,699 shares during the period. Greenwood Gearhart Inc. lifted its stake in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group by 1.0% in the 4th 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 period. Finally, MetLife Investment Management LLC lifted its stake in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares during the period. 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.