Brokerages Set Formula One Group (NASDAQ:FWONK) Price Target at $98.14

Shares of Formula One Group (NASDAQ:FWONK) have been assigned an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $98.14.

A number of analysts recently issued reports on the company. Morgan Stanley lowered their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. increased their price target on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. StockNews.com upgraded Formula One Group to a “sell” rating in a research note on Friday, May 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. Finally, Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th.

Formula One Group Price Performance

Shares of NASDAQ FWONK opened at $91.37 on Friday. Formula One Group has a 1-year low of $68.43 and a 1-year high of $102.33. The business’s 50 day moving average is $86.39 and its two-hundred day moving average is $89.11. The stock has a market capitalization of $22.78 billion, a P/E ratio of 79.45 and a beta of 0.33.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. As a group, equities research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors have recently modified their holdings of FWONK. GW&K Investment Management LLC purchased a new stake in Formula One Group during the first quarter worth $25,000. Janney Montgomery Scott LLC raised its position in shares of Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares during the period. HighPoint Advisor Group LLC grew its position in shares of Formula One Group by 22.3% during the 1st quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company’s stock valued at $382,000 after acquiring an additional 779 shares during the period. Praxis Investment Management Inc. increased its stake in shares of Formula One Group by 10.7% in the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company’s stock valued at $888,000 after purchasing an additional 950 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock worth $194,000 after purchasing an additional 2,013 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.