Wells Fargo & Company Lowers Formula One Group (NASDAQ:FWONK) Price Target to $80.00

Formula One Group (NASDAQ:FWONK) had its price objective lowered by equities research analysts at Wells Fargo & Company from $83.00 to $80.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 15.71% from the company’s previous close.

Several other research analysts have also commented on FWONK. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a research report on Wednesday. Finally, StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $93.40.

Formula One Group Stock Up 3.3 %

Shares of NASDAQ:FWONK traded up $2.99 during midday trading on Friday, hitting $94.91. 851,055 shares of the stock traded hands, compared to its average volume of 1,201,304. The business’s 50 day moving average is $94.76 and its two-hundred day moving average is $85.97. The stock has a market capitalization of $23.60 billion, a PE ratio of 82.21 and a beta of 0.11. Formula One Group has a one year low of $64.37 and a one year high of $102.33.

Insider Buying and Selling at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Hahn Capital Management LLC increased its holdings in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after purchasing an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. boosted its position in shares of Formula One Group by 8.1% during the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Formula One Group in the 4th quarter worth about $827,000. Allstate Corp purchased a new position in Formula One Group in the 4th quarter worth about $571,000. Finally, Public Employees Retirement System of Ohio raised its position in Formula One Group by 1.2% in 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 during the last quarter. 92.26% of the stock is owned by hedge funds and other 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.