Formula One Group (NASDAQ:FWONK) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Formula One Group (NASDAQ:FWONK) from a buy rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “Liberty Media Corporation owns interests in a broad range of media, communications and entertainment businesses through their operating subsidiaries and investments in various publicly-traded companies. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, as well as infotainment services on a subscription fee basis through its satellite radio systems; provides next-generation connected vehicle applications and services; streams music and non-music channels over the Internet; sells satellite and Internet radios to consumers through Website and retailers; and offers other ancillary services, such as weather, traffic, data, and Backseat television services. Liberty Media Corporation is headquartered in Englewood, Colorado. “

A number of other research firms also recently weighed in on FWONK. Pivotal Research upped their target price on Formula One Group from $50.00 to $53.00 and gave the stock a buy rating in a report on Tuesday, March 2nd. Morgan Stanley upped their target price on Formula One Group from $44.00 to $46.00 and gave the stock an equal weight rating in a report on Thursday, May 6th. 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 stock. The stock has a consensus rating of Hold and a consensus price target of $48.75.

Shares of NASDAQ:FWONK opened at $45.26 on Thursday. Formula One Group has a 1 year low of $29.83 and a 1 year high of $48.49. The stock has a market cap of $10.49 billion, a P/E ratio of -35.09 and a beta of 1.29. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s 50-day simple moving average is $45.10.

Several institutional investors have recently bought and sold shares of the stock. Schroder Investment Management Group grew its stake in shares of Formula One Group by 4.4% in the 1st quarter. Schroder Investment Management Group now owns 10,384 shares of the company’s stock worth $449,000 after buying an additional 440 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Formula One Group by 15.0% in the 1st quarter. Ameriprise Financial Inc. now owns 178,587 shares of the company’s stock valued at $7,725,000 after acquiring an additional 23,243 shares in the last quarter. Fairview Capital Investment Management LLC lifted its position in Formula One Group by 0.9% in the 1st quarter. Fairview Capital Investment Management LLC now owns 3,107,340 shares of the company’s stock valued at $134,516,000 after acquiring an additional 28,012 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Formula One Group by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 2,034,111 shares of the company’s stock valued at $88,056,000 after acquiring an additional 112,011 shares in the last quarter. Finally, Greenwood Gearhart Inc. lifted its position in Formula One Group by 10.3% in the 1st quarter. Greenwood Gearhart Inc. now owns 135,142 shares of the company’s stock valued at $5,850,000 after acquiring an additional 12,580 shares in the last quarter. Institutional investors own 84.65% of the company’s stock.

About Formula One Group

Formula One Group engages in the motorsports business. It holds commercial rights for the 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. The company was founded in 1950 and is based in Englewood, Colorado.

Read More: Balanced Fund

Get a free copy of the Zacks research report on Formula One Group (FWONK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Formula One Group (NASDAQ:FWONK)

Receive News & Ratings for Formula One Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Formula One Group and related companies with MarketBeat.com's FREE daily email newsletter.