Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) Stock Price Up 5.7% on Analyst Upgrade

Shares of Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) shot up 5.7% during mid-day trading on Friday after Wells Fargo & Company upgraded the stock from an underweight rating to an equal weight rating. Wells Fargo & Company now has a $95.00 price target on the stock, up from their previous price target of $93.00. Liberty Media Corporation – Liberty Formula One Series C traded as high as $91.57 and last traded at $91.45. 600,557 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 1,968,208 shares. The stock had previously closed at $86.54.

FWONK has been the subject of a number of other reports. Weiss Ratings reissued a “hold (c)” rating on shares of Liberty Media Corporation – Liberty Formula One Series C in a research report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on shares of Liberty Media Corporation – Liberty Formula One Series C from $120.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Finally, Sanford C. Bernstein upgraded Liberty Media Corporation – Liberty Formula One Series C from a “market perform” rating to an “outperform” rating and raised their price target for the company from $110.00 to $111.00 in a research note on Monday, January 12th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $112.30.

Insider Activity at Liberty Media Corporation – Liberty Formula One Series C

In other news, Director Chase Carey sold 83,536 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $96.95, for a total value of $8,098,815.20. Following the completion of the sale, the director directly owned 94,356 shares of the company’s stock, valued at approximately $9,147,814.20. The trade was a 46.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.31% of the company’s stock.

Institutional Trading of Liberty Media Corporation – Liberty Formula One Series C

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its stake in shares of Liberty Media Corporation – Liberty Formula One Series C by 0.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 410,337 shares of the company’s stock valued at $42,880,000 after purchasing an additional 1,057 shares during the last quarter. Teacher Retirement System of Texas grew its position in Liberty Media Corporation – Liberty Formula One Series C by 4.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 32,146 shares of the company’s stock valued at $3,359,000 after buying an additional 1,275 shares during the last quarter. Assetmark Inc. grew its position in Liberty Media Corporation – Liberty Formula One Series C by 199.4% in the 2nd quarter. Assetmark Inc. now owns 500 shares of the company’s stock valued at $52,000 after buying an additional 333 shares during the last quarter. Amalgamated Bank raised its position in Liberty Media Corporation – Liberty Formula One Series C by 9.5% during the 2nd quarter. Amalgamated Bank now owns 13,497 shares of the company’s stock worth $1,410,000 after buying an additional 1,174 shares during the last quarter. Finally, Strs Ohio lifted its stake in shares of Liberty Media Corporation – Liberty Formula One Series C by 2.4% in the 2nd quarter. Strs Ohio now owns 26,965 shares of the company’s stock worth $2,818,000 after acquiring an additional 637 shares during the period. 92.26% of the stock is owned by hedge funds and other institutional investors.

Liberty Media Corporation – Liberty Formula One Series C Trading Up 5.5%

The company has a market cap of $22.84 billion, a price-to-earnings ratio of 117.11 and a beta of 0.48. The company’s 50 day moving average price is $90.52 and its 200 day moving average price is $96.31.

Liberty Media Corporation – Liberty Formula One Series C Company Profile

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ: FWONK) is a tracking stock that represents Liberty Media’s economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world’s largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.