Formula One Group (NASDAQ:FWONK) Hits New 12-Month High – Still a Buy?

Shares of Formula One Group (NASDAQ:FWONK) hit a new 52-week high on Thursday . The company traded as high as $99.58 and last traded at $98.47, with a volume of 606040 shares. The stock had previously closed at $95.09.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FWONK shares. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Rosenblatt Securities increased their price objective on Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, UBS Group began coverage on Formula One Group in a research report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.00.

Formula One Group Price Performance

The stock has a market capitalization of $24.88 billion, a price-to-earnings ratio of 86.98 and a beta of 0.11. The firm has a fifty day moving average of $93.13 and a 200 day moving average of $83.92.

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, topping analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. Research analysts predict that Formula One Group will post 1.36 EPS for the current year.

Insider Activity at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Brian J. Wendling sold 1,094 shares of Formula One Group stock in a transaction on Thursday, November 21st. The stock was 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. 4.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors and hedge funds have recently bought and sold shares of FWONK. Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% in 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 in the last quarter. MetLife Investment Management LLC lifted its position in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares in the last quarter. Everence Capital Management Inc. acquired a new position in Formula One Group during the fourth quarter worth $827,000. Janney Montgomery Scott LLC grew its holdings in Formula One Group by 16.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after buying an additional 3,958 shares in the last quarter. Finally, Hahn Capital Management LLC increased 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 worth $6,226,000 after acquiring an additional 21,699 shares during the last quarter. 92.26% of the stock is currently 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.