Formula One Group (NASDAQ:FWONK) Receives $98.00 Average Price Target from Analysts

Formula One Group (NASDAQ:FWONK) has earned a consensus recommendation of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $98.00.

Several equities research analysts have issued reports on FWONK shares. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Rosenblatt Securities upped their price objective on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $95.00 to $115.00 in a research note on Wednesday, December 18th. Finally, Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th.

Formula One Group Stock Up 0.2 %

Shares of FWONK opened at $97.00 on Tuesday. Formula One Group has a 52-week low of $64.37 and a 52-week high of $102.33. The firm’s fifty day moving average is $94.77 and its two-hundred day moving average is $85.72. The stock has a market cap of $24.12 billion, a PE ratio of 84.35 and a beta of 0.11.

Insider Buying and Selling

In related 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 owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.31% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

A number of institutional investors have recently modified their holdings of FWONK. Public Employees Retirement System of Ohio lifted its holdings in Formula One Group by 1.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after buying an additional 4,897 shares in the last quarter. Greenwood Gearhart Inc. increased its holdings in Formula One Group by 2.7% during the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after purchasing an additional 4,761 shares during the period. Hahn Capital Management LLC raised its position in Formula One Group by 47.7% in 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 in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of 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 buying an additional 287 shares during the period. Finally, Everence Capital Management Inc. purchased a new position in shares of Formula One Group in the 4th quarter valued at about $827,000. 92.26% 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.