Formula One Group (NASDAQ:FWONK) Shares Up 1.9% – Here’s What Happened

Formula One Group (NASDAQ:FWONK)’s share price rose 1.9% during trading on Tuesday . The company traded as high as $79.83 and last traded at $79.95. Approximately 77,659 shares traded hands during trading, a decline of 94% from the average daily volume of 1,245,346 shares. The stock had previously closed at $78.49.

Wall Street Analysts Forecast Growth

FWONK has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their price target on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, March 6th. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a report on Friday, March 7th. Morgan Stanley cut their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, StockNews.com upgraded Formula One Group to a “sell” rating in a research note on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Formula One Group presently has an average rating of “Moderate Buy” and a consensus target price of $95.33.

Formula One Group Trading Up 1.9 %

The firm has a market cap of $19.94 billion, a PE ratio of 69.57 and a beta of 0.32. The business has a fifty day moving average price of $90.06 and a 200 day moving average price of $88.20.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. On average, research analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Institutional Trading of Formula One Group

Large investors have recently made changes to their positions in the company. Versant Capital Management Inc increased its stake in Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after purchasing an additional 2,013 shares during the period. Allstate Corp acquired a new position in Formula One Group in the 4th quarter valued at about $571,000. Everence Capital Management Inc. purchased a new stake in Formula One Group during the 4th quarter valued at approximately $827,000. Janney Montgomery Scott LLC lifted its position in Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares during the period. Finally, Hahn Capital Management LLC grew its stake in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares during the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

Formula One Group Company Profile

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.