Formula One Group (NASDAQ:FWONK) Stock Price Down 0.5% – Time to Sell?

Formula One Group (NASDAQ:FWONK)’s stock price fell 0.5% on Wednesday . The stock traded as low as $78.28 and last traded at $79.84. 88,482 shares traded hands during trading, a decline of 93% from the average session volume of 1,243,919 shares. The stock had previously closed at $80.26.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FWONK shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Morgan Stanley dropped their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. StockNews.com upgraded Formula One Group to a “sell” rating in a research note on Tuesday, April 1st. Finally, Wells Fargo & Company cut their price target on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Formula One Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.33.

Formula One Group Stock Up 3.8 %

The stock has a market cap of $20.64 billion, a PE ratio of 71.99 and a beta of 0.32. The business has a 50 day moving average price of $88.92 and a 200 day moving average price of $88.12.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate 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 fiscal year.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC grew its position in shares of Formula One Group by 1.0% in the fourth 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. Versant Capital Management Inc lifted its stake in Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after buying an additional 2,013 shares in the last quarter. Greenwood Gearhart Inc. boosted its holdings in Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after buying an additional 4,761 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Formula One Group by 1.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after acquiring an additional 4,897 shares during the last quarter. Finally, Allstate Corp purchased a new position in shares of Formula One Group in the fourth quarter valued at approximately $571,000. Hedge funds and other institutional investors own 92.26% of the company’s stock.

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.