Formula One Group (NASDAQ:FWONK) Trading Down 2.6% – Here’s Why

Shares of Formula One Group (NASDAQ:FWONK) traded down 2.6% during mid-day trading on Thursday . The company traded as low as $78.48 and last traded at $79.87. 286,113 shares traded hands during trading, a decline of 77% from the average session volume of 1,240,102 shares. The stock had previously closed at $81.99.

Wall Street Analyst Weigh In

FWONK has been the topic of several research analyst reports. Morgan Stanley cut their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. raised their price target on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, March 6th. Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a research note on Tuesday, April 1st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price target on shares of Formula One Group in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.33.

Formula One Group Stock Performance

The firm’s fifty day moving average price is $90.39 and its 200 day moving average price is $88.12. The firm has a market cap of $19.24 billion, a P/E ratio of 67.12 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. As a group, analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

A number of large investors have recently added to or reduced their stakes in the company. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group during the 4th quarter valued at $827,000. Hahn Capital Management LLC increased its position in Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after buying an additional 21,699 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Formula One Group by 1.0% in the fourth 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 last quarter. Allstate Corp acquired a new stake in Formula One Group in the fourth quarter worth about $571,000. Finally, Versant Capital Management Inc grew its stake in shares of Formula One Group by 1,378.8% during the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock worth $194,000 after acquiring an additional 2,013 shares during the last quarter. 92.26% of the stock is currently 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.