Formula One Group (NASDAQ:FWONK) Price Target Raised to $102.00 at Rosenblatt Securities

Formula One Group (NASDAQ:FWONK) had its price objective lifted by Rosenblatt Securities from $93.00 to $102.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. UBS Group began coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target for the company. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Formula One Group presently has an average rating of “Hold” and a consensus price target of $98.00.

Formula One Group Stock Performance

Shares of FWONK opened at $91.23 on Friday. The firm has a fifty day moving average of $89.38 and a 200-day moving average of $81.44. The company has a market cap of $22.69 billion, a price-to-earnings ratio of 79.33 and a beta of 0.11. Formula One Group has a 1 year low of $61.44 and a 1 year high of $96.89.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. Analysts predict that Formula One Group will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 4.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently bought and sold shares of the business. MetLife Investment Management LLC grew its holdings 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 acquiring an additional 203 shares in the last quarter. Lountzis Asset Management LLC grew its stake in 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 purchasing an additional 864 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group during the 4th quarter worth about $827,000. Finally, Greenwood Gearhart Inc. lifted its holdings in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.