Formula One Group (NASDAQ:FWONK) Stock Price Up 3.9% – Here’s Why

Formula One Group (NASDAQ:FWONK)’s share price shot up 3.9% on Thursday . The company traded as high as $82.29 and last traded at $82.87. 274,425 shares were traded during mid-day trading, a decline of 78% from the average session volume of 1,245,809 shares. The stock had previously closed at $79.77.

Analyst Ratings Changes

Several analysts recently issued reports on FWONK shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. JPMorgan Chase & Co. increased their price objective on shares of Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. Morgan Stanley cut their price target 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. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company reduced their price target on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.33.

Formula One Group Trading Up 4.3 %

The company’s 50-day moving average is $89.26 and its two-hundred day moving average is $88.09. The stock has a market capitalization of $20.73 billion, a P/E ratio of 72.35 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last announced its earnings results 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 company had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. Sell-side analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Trading of Formula One Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc grew its position in Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after acquiring an additional 2,013 shares during the period. Allstate Corp acquired a new position in Formula One Group in the fourth quarter valued at about $571,000. Everence Capital Management Inc. bought a new stake in Formula One Group in the 4th quarter valued at $827,000. Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares in the last quarter. Finally, Hahn Capital Management LLC boosted its position in Formula One Group by 47.7% during the fourth 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 during the last quarter. Institutional investors and hedge funds 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.