Formula One Group (NASDAQ:FWONK) Receives $95.33 Consensus Price Target from Brokerages

Shares of Formula One Group (NASDAQ:FWONK) have been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $95.33.

A number of equities research analysts recently commented on FWONK shares. Morgan Stanley lowered their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Rosenblatt Securities reiterated a “buy” rating and set a $102.00 target price on shares of Formula One Group in a report on Friday, March 7th. StockNews.com upgraded Formula One Group to a “sell” rating in a report on Tuesday, April 1st. JPMorgan Chase & Co. upped their price target on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. Finally, Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th.

Formula One Group Trading Up 2.3 %

NASDAQ FWONK opened at $80.26 on Wednesday. The firm has a market cap of $20.01 billion, a PE ratio of 69.79 and a beta of 0.32. Formula One Group has a 1-year low of $66.80 and a 1-year high of $102.33. The stock has a 50-day moving average of $89.67 and a 200-day moving average of $88.14.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FWONK. Versant Capital Management Inc boosted its position 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 valued at $194,000 after purchasing an additional 2,013 shares in the last quarter. Allstate Corp purchased a new position in Formula One Group during the fourth quarter valued at $571,000. Everence Capital Management Inc. bought a new stake in shares of Formula One Group during the 4th quarter valued at $827,000. Janney Montgomery Scott LLC grew its position 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 worth $2,560,000 after buying an additional 287 shares during the period. Finally, Hahn Capital Management LLC increased its stake 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 acquiring an additional 21,699 shares in the last quarter. Institutional investors own 92.26% of the company’s stock.

About Formula One Group

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.