Insider Selling: Formula One Group (NASDAQ:FWONK) Director Sells $76,045.64 in Stock

Formula One Group (NASDAQ:FWONK) Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now directly owns 5,274 shares of the company’s stock, valued at $250,040.34. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Formula One Group Stock Performance

Shares of FWONK opened at $78.15 on Friday. The business’s fifty day moving average price is $77.50 and its two-hundred day moving average price is $73.24. The firm has a market capitalization of $18.37 billion and a price-to-earnings ratio of 57.04. Formula One Group has a 52 week low of $60.95 and a 52 week high of $82.23.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The company had revenue of $853.00 million during the quarter, compared to analyst estimates of $960.45 million. As a group, research analysts forecast that Formula One Group will post 0.98 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FWONK. Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group in the 2nd quarter worth $48,000. Janney Montgomery Scott LLC acquired a new position in Formula One Group in the fourth quarter valued at about $1,167,000. Finally, Hahn Capital Management LLC boosted its holdings in Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

Wall Street Analyst Weigh In

FWONK has been the subject of a number of research reports. Morgan Stanley raised their target price on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. StockNews.com raised shares of Formula One Group to a “sell” rating in a report on Saturday, August 24th. Finally, Evercore ISI boosted their target price on shares of Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th.

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.