Formula One Group (NASDAQ:FWONK) Share Price Passes Above 50 Day Moving Average – Time to Sell?

Formula One Group (NASDAQ:FWONK)’s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $86.27 and traded as high as $95.56. Formula One Group shares last traded at $95.26, with a volume of 681,437 shares trading hands.

Analyst Ratings Changes

Several research firms have recently commented on FWONK. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. UBS Group initiated coverage on shares of Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price on the stock. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th. Rosenblatt Securities lifted their target price on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $95.75.

Formula One Group Trading Down 1.4 %

The company has a market capitalization of $23.36 billion, a PE ratio of 81.67 and a beta of 0.18. The business has a fifty day moving average of $86.85 and a 200 day moving average of $80.02.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. Equities analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian J. Wendling sold 1,094 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Large investors have recently made changes to their positions in the company. Lountzis Asset Management LLC lifted its stake in 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 lifted its position in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the period. Janney Montgomery Scott LLC increased its holdings 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 increased its holdings in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares during the period. Finally, Greenwood Gearhart Inc. raised its stake in shares of Formula One Group by 8.1% during the third 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 last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

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.