Analysts Set Formula One Group (NASDAQ:FWONK) Price Target at $95.33

Shares of Formula One Group (NASDAQ:FWONK) have received an average recommendation of “Hold” from the seven brokerages that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $95.33.

A number of research firms recently weighed in on FWONK. Wells Fargo & Company decreased their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. 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. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th.

Formula One Group Price Performance

Formula One Group stock opened at $87.66 on Friday. The business has a 50 day moving average of $93.65 and a 200-day moving average of $87.06. The company has a market capitalization of $21.85 billion, a P/E ratio of 76.23 and a beta of 0.13. Formula One Group has a 1 year low of $64.37 and a 1 year high of $102.33.

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

Institutional Trading of Formula One Group

Several hedge funds have recently modified their holdings of FWONK. Allstate Corp acquired a new position in shares of Formula One Group during the fourth quarter worth approximately $571,000. MetLife Investment Management LLC increased its position in shares of 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. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group in the 4th quarter worth about $827,000. Janney Montgomery Scott LLC lifted its position in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after acquiring an additional 287 shares in the last quarter. Finally, Hahn Capital Management LLC boosted its stake in Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares during the last quarter. 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.