Formula One Group (NASDAQ:FWONA) Earns “Buy” Rating from Benchmark

Benchmark reiterated their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a $81.00 price target on the stock.

Formula One Group Price Performance

NASDAQ:FWONA opened at $74.33 on Thursday. The firm has a market cap of $17.47 billion, a PE ratio of 64.64 and a beta of 0.05. The firm has a 50 day simple moving average of $72.74 and a 200-day simple moving average of $69.41. Formula One Group has a 1-year low of $55.25 and a 1-year high of $79.67.

Insider Transactions at Formula One Group

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock worth $2,327,591 over the last quarter. 4.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC raised its stake in shares of Formula One Group by 4.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after acquiring an additional 300 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Formula One Group by 13.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 13,413 shares of the company’s stock worth $788,000 after acquiring an additional 1,600 shares during the period. Finally, Lountzis Asset Management LLC acquired a new stake in Formula One Group in the third quarter valued at approximately $220,000. 8.38% of the stock is 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.