Rosenblatt Securities Raises Formula One Group (NASDAQ:FWONK) Price Target to $93.00

Formula One Group (NASDAQ:FWONK) had its price target boosted by investment analysts at Rosenblatt Securities from $91.00 to $93.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price suggests a potential upside of 14.18% from the company’s current price.

FWONK has been the topic of several other reports. Morgan Stanley upped 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 assumed coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. Finally, StockNews.com raised shares of Formula One Group to a “sell” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $88.25.

Formula One Group Trading Up 1.1 %

FWONK stock traded up $0.91 during midday trading on Friday, reaching $81.45. The company had a trading volume of 1,353,273 shares, compared to its average volume of 1,154,757. The company has a 50 day moving average of $78.14 and a two-hundred day moving average of $75.50. The company has a market capitalization of $17.09 billion, a P/E ratio of 76.84 and a beta of 0.01. Formula One Group has a 1 year low of $61.23 and a 1 year high of $85.60.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The company had revenue of $853.00 million during the quarter, compared to analyst estimates of $960.45 million. On average, sell-side analysts anticipate that Formula One Group will post 1.01 earnings per share for the current year.

Insiders Place Their Bets

In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now owns 5,274 shares in the company, valued at $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,817 shares of company stock valued at $2,327,591 over the last quarter.

Hedge Funds Weigh In On Formula One Group

Large investors have recently made changes to their positions in the business. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group in the 2nd quarter valued at $48,000. Lountzis Asset Management LLC boosted its position in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares during the period. Finally, Hahn Capital Management LLC raised its position in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Institutional investors and hedge funds 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.