Rosenblatt Securities Reaffirms “Buy” Rating for Formula One Group (NASDAQ:FWONK)

Formula One Group (NASDAQ:FWONK)‘s stock had its “buy” rating reissued by equities researchers at Rosenblatt Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $102.00 price objective on the stock. Rosenblatt Securities’ price target indicates a potential upside of 8.20% from the stock’s current price.

Several other brokerages also recently commented on FWONK. Wells Fargo & Company raised Formula One Group to a “strong sell” rating in a research report on Friday, February 21st. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.00.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK opened at $94.27 on Wednesday. The stock’s 50-day moving average is $94.77 and its 200-day moving average is $85.72. The company has a market cap of $23.45 billion, a P/E ratio of 81.97 and a beta of 0.11. Formula One Group has a 52-week low of $64.37 and a 52-week high of $102.33.

Insider Buying and Selling at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction 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 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. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. MetLife Investment Management LLC boosted its position in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after buying an additional 203 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group by 1.0% during the fourth 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 during the period. Lountzis Asset Management LLC boosted its holdings in Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares during the last quarter. Greenwood Gearhart Inc. increased its position in Formula One Group by 2.7% in the fourth 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. Finally, Public Employees Retirement System of Ohio raised 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 purchasing an additional 4,897 shares during the last quarter. Institutional investors own 92.26% 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.