Formula One Group (NASDAQ:FWONK) Stock Rating Upgraded by StockNews.com

Formula One Group (NASDAQ:FWONK) was upgraded by analysts at StockNews.com to a “sell” rating in a report released on Monday.

A number of other analysts have also commented on FWONK. Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Wells Fargo & Company decreased their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. increased their price objective on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, March 6th. Susquehanna began coverage on Formula One Group in a research note on Monday, April 28th. They set a “positive” rating and a $115.00 price objective on the stock. Finally, Morgan Stanley decreased their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.14.

Formula One Group Stock Performance

Formula One Group stock opened at $96.48 on Monday. The firm has a market capitalization of $21.52 billion, a price-to-earnings ratio of 83.90 and a beta of 0.33. Formula One Group has a fifty-two week low of $69.09 and a fifty-two week high of $102.33. The stock’s fifty day moving average is $86.44 and its two-hundred day moving average is $89.59.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.23. The company had revenue of $447.00 million for the quarter, compared to analyst estimates of $440.80 million. As a group, sell-side analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its stake in shares of Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after purchasing an additional 4,897 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Formula One Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock valued at $32,518,000 after purchasing an additional 6,297 shares in the last quarter. Greenwood Gearhart Inc. boosted its holdings in Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after acquiring an additional 4,761 shares during the period. Russell Investments Group Ltd. boosted its holdings in Formula One Group by 22.7% in the 1st quarter. Russell Investments Group Ltd. now owns 128,702 shares of the company’s stock worth $11,570,000 after acquiring an additional 23,809 shares during the period. Finally, Hahn Capital Management LLC boosted its holdings in 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 acquiring an additional 21,699 shares during the period. 92.26% of the stock is owned by institutional investors and hedge funds.

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.