Formula One Group (NASDAQ:FWONA) Sets New 12-Month High – Time to Buy?

Shares of Formula One Group (NASDAQ:FWONA) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $87.43 and last traded at $87.54, with a volume of 32562 shares. The stock had previously closed at $85.47.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FWONA. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Benchmark reissued a “buy” rating and set a $81.00 price target on shares of Formula One Group in a research note on Thursday, November 14th.

Formula One Group Trading Up 1.8 %

The company has a market capitalization of $21.95 billion, a price-to-earnings ratio of 76.76 and a beta of 0.13. The stock’s 50 day moving average price is $83.73 and its 200 day moving average price is $76.10.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.17. The company had revenue of $848.00 million for the quarter, compared to the consensus estimate of $825.00 million. During the same quarter in the prior year, the company earned $0.39 EPS. On average, research analysts expect that Formula One Group will post 1.46 earnings per share for the current year.

Insider Transactions at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. 4.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

Large investors have recently made changes to their positions in the company. FNY Investment Advisers LLC increased its position in Formula One Group by 25.6% in the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after acquiring an additional 159 shares during the period. Lountzis Asset Management LLC acquired a new stake in Formula One Group in the third quarter worth $220,000. Finally, Integrated Wealth Concepts LLC raised its holdings in shares of Formula One Group by 4.2% during the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 8.38% of the company’s stock.

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.