StockNews.com Downgrades Formula One Group (NASDAQ:FWONK) to Sell

Formula One Group (NASDAQ:FWONK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Monday.

A number of other brokerages have also weighed in on FWONK. Morgan Stanley upped their price objective on 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 assumed coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. Finally, Rosenblatt Securities raised their price objective on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. One 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $88.25.

Formula One Group Price Performance

Shares of Formula One Group stock traded down $1.14 on Monday, reaching $80.47. 1,024,645 shares of the company were exchanged, compared to its average volume of 1,162,806. Formula One Group has a 1-year low of $61.23 and a 1-year high of $86.65. The company has a market cap of $17.89 billion, a P/E ratio of 69.97 and a beta of 0.01. The stock’s 50 day moving average price is $78.79 and its 200-day moving average price is $76.14.

Formula One Group (NASDAQ:FWONK) last posted 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 business had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. On average, research analysts predict that Formula One Group will post 1.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Formula One Group

In related news, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,817 shares of company stock worth $2,327,591 in the last 90 days. 4.31% of the stock is owned by corporate insiders.

Institutional Trading of Formula One Group

Several hedge funds have recently made changes to their positions in FWONK. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group during the 2nd quarter valued at $48,000. Hahn Capital Management LLC raised its stake in Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Formula One Group by 16.9% during the 3rd 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 raised its stake in Formula One Group by 17.0% during the 3rd 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, MetLife Investment Management LLC increased its position in shares of Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares during the period. Institutional investors own 92.26% of the company’s stock.

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.