Formula One Group (NASDAQ:FWONK) Posts Earnings Results, Beats Estimates By $0.18 EPS

Formula One Group (NASDAQ:FWONK) posted its quarterly earnings data on Tuesday. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.18, reports. The business had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million.

Formula One Group Stock Performance

Shares of NASDAQ FWONK opened at $84.50 on Friday. Formula One Group has a 52-week low of $61.23 and a 52-week high of $86.65. The business has a fifty day moving average of $78.51 and a two-hundred day moving average of $75.91. The stock has a market cap of $17.73 billion, a PE ratio of 73.48 and a beta of 0.01.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FWONK. StockNews.com upgraded Formula One Group to a “sell” rating in a report on Friday, November 8th. Rosenblatt Securities upped their target price on shares of Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Morgan Stanley raised their price target on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Finally, UBS Group started coverage on Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $88.25.

Insider Transactions at Formula One Group

In related news, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now owns 5,274 shares in the company, valued at $250,040.34. This represents a 23.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,817 shares of company stock valued at $2,327,591. 4.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Hahn Capital Management LLC grew its position in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares during the period. Janney Montgomery Scott LLC raised its holdings in Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the period. Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group in the 2nd quarter valued at $48,000. Finally, MetLife Investment Management LLC lifted its holdings in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.