Formula One Group (NASDAQ:FWONK) Hits New 12-Month High – Should You Buy?

Shares of Formula One Group (NASDAQ:FWONK) reached a new 52-week high on Thursday . The company traded as high as $94.95 and last traded at $94.76, with a volume of 1074112 shares. The stock had previously closed at $93.76.

Wall Street Analysts Forecast Growth

FWONK has been the subject of a number of recent research reports. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Morgan Stanley boosted their target price on 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. UBS Group initiated coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective for the company. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Finally, Rosenblatt Securities upped their price objective on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Formula One Group currently has a consensus rating of “Hold” and a consensus price target of $88.25.

Formula One Group Price Performance

The firm has a 50-day moving average of $83.57 and a 200 day moving average of $78.54. The stock has a market capitalization of $21.14 billion, a price-to-earnings ratio of 82.69 and a beta of 0.18.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million. On average, equities analysts forecast that Formula One Group will post 1.36 earnings per share 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 stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. Insiders have sold 31,911 shares of company stock worth $2,403,701 over the last 90 days. Company insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently added to or reduced their stakes in the stock. Hahn Capital Management LLC increased 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 worth $4,929,000 after acquiring an additional 17,219 shares during the period. Greenwood Gearhart Inc. increased its stake in Formula One Group by 8.1% during 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 period. MetLife Investment Management LLC boosted its holdings in shares of Formula One Group by 3.0% in 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 in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares in the last quarter. Finally, Lountzis Asset Management LLC boosted its holdings in shares of 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 purchasing an additional 864 shares in the last quarter. 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.