Formula One Group (NASDAQ:FWONA) Sets New 12-Month High – What’s Next?

Formula One Group (NASDAQ:FWONA)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $93.92 and last traded at $93.87, with a volume of 8150 shares. The stock had previously closed at $92.72.

Analyst Ratings Changes

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

Formula One Group Trading Up 0.5 %

The company has a fifty day moving average price of $85.26 and a two-hundred day moving average price of $77.14. The firm has a market cap of $23.17 billion, a P/E ratio of 81.01 and a beta of 0.14.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.17. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $825.00 million. During the same period in the previous year, the firm posted $0.39 EPS. As a group, sell-side analysts expect that Formula One Group will post 1.46 EPS for the current year.

Insider Activity at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was 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 insiders.

Institutional Investors Weigh In On Formula One Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWONA. FNY Investment Advisers LLC grew its holdings in shares of 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 in the last quarter. Integrated Wealth Concepts LLC boosted its position in 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 last quarter. Finally, Lountzis Asset Management LLC bought a new position in Formula One Group in the third quarter valued at approximately $220,000. 8.38% of the stock is owned by institutional investors.

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.