Analysts Set Formula One Group (NASDAQ:FWONK) Price Target at $95.33

Formula One Group (NASDAQ:FWONK) has received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $95.33.

FWONK has been the subject of several recent research reports. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday. Wells Fargo & Company decreased their price objective on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Rosenblatt Securities restated a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. Morgan Stanley decreased their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, March 6th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Everence Capital Management Inc. bought a new stake in shares of Formula One Group during the 4th quarter valued at $827,000. Hahn Capital Management LLC raised its stake in shares of Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares during the period. Greenwood Gearhart Inc. raised its stake in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Formula One Group by 1.0% during 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 period. Finally, MetLife Investment Management LLC raised its stake 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 purchasing an additional 203 shares during the period. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Performance

Shares of FWONK stock opened at $88.28 on Friday. The company has a market cap of $22.00 billion, a P/E ratio of 76.77 and a beta of 0.13. The stock has a 50 day simple moving average of $93.45 and a two-hundred day simple moving average of $87.14. Formula One Group has a fifty-two week low of $64.37 and a fifty-two week high of $102.33.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, research analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

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.