Formula One Group (NASDAQ:FWONK) Rating Lowered to “Sell” at StockNews.com

Formula One Group (NASDAQ:FWONK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

A number of other equities research analysts have also recently commented on FWONK. Morgan Stanley raised their price target on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Rosenblatt Securities boosted their price target on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, UBS Group assumed coverage on shares of Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price objective on the stock. One investment 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 has an average rating of “Hold” and a consensus target price of $88.25.

Formula One Group Trading Down 1.4 %

FWONK stock traded down $1.14 during trading on Monday, reaching $80.47. 1,024,645 shares of the stock were exchanged, compared to its average volume of 1,162,806. The stock has a 50 day simple moving average of $78.79 and a 200-day simple moving average of $76.14. The company has a market capitalization of $17.89 billion, a P/E ratio of 69.97 and a beta of 0.01. Formula One Group has a twelve month low of $61.23 and a twelve month high of $86.65.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. Equities analysts predict that Formula One Group will post 1.24 EPS for the current year.

Insider Activity

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a legal 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 stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the sale, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. This trade represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,817 shares of company stock valued at $2,327,591 in the last 90 days. 4.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. MetLife Investment Management LLC increased its holdings in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares during the period. Beach Investment Counsel Inc. PA acquired a new stake in shares of Formula One Group during the 2nd quarter worth approximately $48,000. Lountzis Asset Management LLC grew its stake 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 worth $461,000 after purchasing an additional 864 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 16.9% during 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 period. Finally, Greenwood Gearhart Inc. grew its stake 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 worth $13,640,000 after purchasing an additional 13,146 shares during the period. 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.