Formula One Group (NASDAQ:FWONK) Stock Price Up 3.9% – Should You Buy?

Formula One Group (NASDAQ:FWONK)’s stock price was up 3.9% during mid-day trading on Thursday . The company traded as high as $82.29 and last traded at $82.87. Approximately 274,425 shares changed hands during trading, a decline of 78% from the average daily volume of 1,245,809 shares. The stock had previously closed at $79.77.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FWONK shares. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a report on Friday, March 7th. Morgan Stanley decreased their price objective on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company decreased their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. StockNews.com upgraded Formula One Group to a “sell” rating in a report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. upped their price objective on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.33.

Formula One Group Stock Up 4.3 %

The firm’s fifty day moving average price is $89.26 and its two-hundred day moving average price is $88.09. The stock has a market capitalization of $20.73 billion, a PE ratio of 72.35 and a beta of 0.32.

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 company had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. As a group, analysts predict that Formula One Group will post 1.36 EPS for the current year.

Institutional Trading of Formula One Group

Several large investors have recently made changes to their positions in FWONK. Everence Capital Management Inc. acquired a new position in shares of Formula One Group in the 4th quarter worth approximately $827,000. Janney Montgomery Scott LLC increased its position 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 acquiring an additional 287 shares during the period. Hahn Capital Management LLC boosted its holdings in shares of Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares in the last quarter. Allstate Corp acquired a new position in Formula One Group during the fourth quarter worth $571,000. Finally, Greenwood Gearhart Inc. lifted its position in shares of Formula One Group by 2.7% during the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock valued at $16,764,000 after acquiring an additional 4,761 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.