Analysts Set Formula One Group (NASDAQ:FWONA) Price Target at $82.33

Formula One Group (NASDAQ:FWONA) has received a consensus recommendation of “Moderate Buy” from the five research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $82.33.

A number of research analysts recently issued reports on the company. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 15th. Wells Fargo & Company initiated coverage on shares of Formula One Group in a research report on Monday, February 24th. They issued an “underweight” rating and a $83.00 price target for the company. Finally, Guggenheim reissued a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd.

Formula One Group Trading Down 6.8 %

FWONA opened at $72.69 on Friday. The firm’s 50 day simple moving average is $85.11 and its two-hundred day simple moving average is $80.86. The company has a market capitalization of $18.12 billion, a PE ratio of 63.21 and a beta of 0.39. Formula One Group has a 1-year low of $58.96 and a 1-year high of $95.33.

Formula One Group (NASDAQ:FWONA) last announced its earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($1.46). The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.37 billion. Equities analysts forecast that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. increased its holdings in Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after acquiring an additional 266 shares during the last quarter. FNY Investment Advisers LLC grew its position in shares of Formula One Group by 25.6% during the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after purchasing an additional 159 shares in the last quarter. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of Formula One Group by 4.2% in the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 8.38% 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.