Formula One Group (NASDAQ:FWONK) Price Target Cut to $110.00 by Analysts at Morgan Stanley

Formula One Group (NASDAQ:FWONK) had its target price cut by equities researchers at Morgan Stanley from $115.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 15.90% from the company’s previous close.

FWONK has been the topic of a number of other reports. Rosenblatt Securities reiterated a “buy” rating and set a $102.00 price target on shares of Formula One Group in a research report on Wednesday. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company reduced their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Formula One Group has a consensus rating of “Hold” and a consensus target price of $93.40.

Formula One Group Price Performance

Shares of FWONK stock traded up $2.99 on Friday, hitting $94.91. 851,055 shares of the stock traded hands, compared to its average volume of 1,201,304. The company has a market capitalization of $23.60 billion, a PE ratio of 82.21 and a beta of 0.11. Formula One Group has a 1-year low of $64.37 and a 1-year high of $102.33. The company’s fifty day moving average is $94.76 and its 200 day moving average is $85.97.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, 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 transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 4.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Formula One Group

Several hedge funds have recently modified their holdings of the stock. Lountzis Asset Management LLC grew its position in 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 in the last quarter. MetLife Investment Management LLC boosted its position 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 worth $538,000 after buying an additional 203 shares during the period. Allstate Corp purchased a new position in shares of Formula One Group during the fourth quarter valued at $571,000. Everence Capital Management Inc. acquired a new position in Formula One Group during the fourth quarter valued at $827,000. Finally, Janney Montgomery Scott LLC raised its position in Formula One Group by 16.9% during the third 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 during the period. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.