Formula One Group (NASDAQ:FWONK) CEO Gregory B. Maffei Sells 35,463 Shares

Formula One Group (NASDAQ:FWONK) CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Formula One Group Price Performance

Shares of NASDAQ:FWONK opened at $92.58 on Thursday. The company has a 50 day moving average of $84.70 and a 200-day moving average of $79.02. Formula One Group has a one year low of $61.44 and a one year high of $96.89. The stock has a market cap of $20.58 billion, a price-to-earnings ratio of 80.51 and a beta of 0.18.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million during the quarter, compared to the consensus estimate of $837.59 million. Equities research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FWONK. Rosenblatt Securities raised their price target on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. UBS Group started 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 for the company. Morgan Stanley upgraded shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $95.00 to $115.00 in a research report on Wednesday. Finally, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.75.

Institutional Investors Weigh In On Formula One Group

Several institutional investors have recently bought and sold shares of FWONK. Lountzis Asset Management LLC lifted its position in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the period. Hahn Capital Management LLC boosted its holdings in shares of Formula One Group by 33.5% during the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares during the period. Finally, Greenwood Gearhart Inc. grew its stake in Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

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.