Formula One Group (NASDAQ:FWONK) Sees Significant Increase in Short Interest

Formula One Group (NASDAQ:FWONK) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 4,770,000 shares, an increase of 5.3% from the January 15th total of 4,530,000 shares. Based on an average daily trading volume, of 1,190,000 shares, the days-to-cover ratio is currently 4.0 days.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FWONK shares. 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. Rosenblatt Securities upped their price target on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Finally, StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $98.00.

Formula One Group Stock Down 1.3 %

FWONK opened at $97.18 on Wednesday. Formula One Group has a 12 month low of $64.37 and a 12 month high of $102.33. The stock has a market cap of $24.17 billion, a P/E ratio of 84.51 and a beta of 0.11. The company has a fifty day simple moving average of $94.42 and a 200 day simple moving average of $84.96.

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 transaction, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Everence Capital Management Inc. bought a new position in Formula One Group during the fourth quarter worth about $827,000. Greenwood Gearhart Inc. increased its position in 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 in the last quarter. Janney Montgomery Scott LLC lifted its stake in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after purchasing an additional 287 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after acquiring an additional 203 shares in the last quarter. Finally, Lountzis Asset Management LLC grew its holdings in shares of Formula One Group by 17.0% during the third 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 last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

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.