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 note released on Thursday,Benzinga reports. The brokerage currently has a $81.00 price objective on the stock.

Formula One Group Stock Down 3.8 %

NASDAQ FWONA traded down $2.94 on Thursday, reaching $74.30. The company had a trading volume of 93,564 shares, compared to its average volume of 101,080. The stock has a market capitalization of $17.46 billion, a P/E ratio of 66.14 and a beta of 0.05. The company’s fifty day moving average is $72.65 and its 200 day moving average is $69.33. Formula One Group has a 52-week low of $55.25 and a 52-week high of $79.67.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $73.80, for a total value of $738,811.80. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. This trade represents a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,817 shares of company stock worth $2,327,591 in the last quarter. 4.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Lountzis Asset Management LLC bought a new position in shares of Formula One Group during the 3rd quarter worth $220,000. Integrated Wealth Concepts LLC grew its stake in shares of Formula One Group by 4.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock worth $534,000 after acquiring an additional 300 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 13.5% during 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. Institutional investors own 8.38% 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.