Insider Selling: Formula One Group (NASDAQ:FWONK) CEO Sells 35,463 Shares of Stock

Formula One Group (NASDAQ:FWONK) CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Formula One Group Stock Performance

NASDAQ FWONK opened at $92.58 on Thursday. Formula One Group has a fifty-two week low of $61.44 and a fifty-two week high of $96.89. The stock has a market cap of $20.58 billion, a PE ratio of 80.51 and a beta of 0.18. The firm’s fifty day moving average price is $84.70 and its two-hundred day moving average price is $79.02.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data 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 business had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. As a group, sell-side analysts predict that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FWONK. Rosenblatt Securities increased their price target on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $95.00 to $115.00 in a research report on Wednesday. UBS Group began coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target on the stock. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Formula One Group currently has a consensus rating of “Hold” and an average target price of $95.75.

Institutional Investors Weigh In On Formula One Group

Large investors have recently bought and sold shares of the stock. Greenwood Gearhart Inc. raised its holdings in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares during the last quarter. Hahn Capital Management LLC lifted its holdings 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 purchasing an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after buying an additional 3,958 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares in the last quarter. Finally, Lountzis Asset Management LLC raised its position in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during 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.