Formula One Group (NASDAQ:FWONK) Sets New 52-Week High – Should You Buy?

Formula One Group (NASDAQ:FWONK) shares hit a new 52-week high on Monday . The company traded as high as $86.67 and last traded at $86.44, with a volume of 266268 shares traded. The stock had previously closed at $84.17.

Wall Street Analyst Weigh In

FWONK has been the subject of a number of recent research reports. UBS Group assumed coverage on shares of Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective for the company. Morgan Stanley raised their target price on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Rosenblatt Securities raised their target price on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Formula One Group presently has a consensus rating of “Hold” and an average price target of $88.25.

Formula One Group Trading Up 1.3 %

The stock has a market cap of $19.72 billion, a PE ratio of 76.15 and a beta of 0.01. The company’s 50 day moving average is $79.94 and its 200-day moving average is $76.79.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. As a group, analysts forecast that Formula One Group will post 1.29 EPS for the current year.

Insider Transactions at Formula One Group

In related news, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the sale, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. This represents a 23.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,911 shares of company stock valued at $2,403,701.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FWONK. Hahn Capital Management LLC grew its position in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares during the last quarter. Greenwood Gearhart Inc. boosted its holdings in shares of Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after acquiring an additional 13,146 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after acquiring an additional 3,958 shares in the last quarter. Lountzis Asset Management LLC boosted its holdings in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares in the last quarter. Finally, Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group in the second quarter valued at approximately $48,000. 92.26% of the stock is owned by institutional investors and hedge funds.

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.