Formula One Group (NASDAQ:FWONK) Reaches New 12-Month High – What’s Next?

Formula One Group (NASDAQ:FWONK)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $82.68 and last traded at $82.67, with a volume of 1403 shares changing hands. The stock had previously closed at $81.40.

Analyst Ratings Changes

FWONK has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. UBS Group started coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price on the stock. Finally, StockNews.com upgraded shares of Formula One Group to a “sell” rating in a research report on Wednesday, October 30th.

Formula One Group Stock Performance

The firm has a market cap of $16.90 billion, a P/E ratio of 75.98 and a beta of 0.01. The firm’s fifty day moving average is $78.14 and its 200 day moving average is $75.50.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The business had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $960.45 million. As a group, equities research analysts forecast that Formula One Group will post 1.01 EPS for the current year.

Insider Buying and Selling at Formula One Group

In other news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Insiders sold 30,817 shares of company stock valued at $2,327,591 in the last quarter.

Institutional Investors Weigh In On Formula One Group

Large investors have recently modified their holdings of the company. Beach Investment Counsel Inc. PA acquired a new stake in shares of Formula One Group during the second quarter worth $48,000. Lountzis Asset Management LLC boosted its stake in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after buying an additional 2,514 shares in the last quarter. Finally, Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.