Formula One Group (NASDAQ:FWONK) PT Raised to $85.00

Formula One Group (NASDAQ:FWONK) had its price target upped by Morgan Stanley from $80.00 to $85.00 in a research report released on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research firms also recently weighed in on FWONK. Evercore ISI raised their price target on Formula One Group from $85.00 to $90.00 and gave the company an outperform rating in a research report on Tuesday, June 4th. StockNews.com raised Formula One Group to a sell rating in a research note on Saturday, August 24th.

Formula One Group Stock Up 0.7 %

NASDAQ:FWONK opened at $77.63 on Monday. The stock has a market cap of $18.25 billion and a P/E ratio of 56.66. The business’s 50-day moving average price is $77.51 and its two-hundred day moving average price is $73.19. Formula One Group has a twelve month low of $60.95 and a twelve month high of $82.23.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The business had revenue of $853.00 million for the quarter, compared to analyst estimates of $960.45 million. On average, equities research analysts expect that Formula One Group will post 0.98 EPS for the current fiscal year.

Insider Activity

In other news, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Brian J. Wendling sold 10,011 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,817 shares of company stock valued at $2,327,591. 4.31% of the stock is currently owned by insiders.

Institutional Trading of Formula One Group

Several large investors have recently added to or reduced their stakes in the stock. Hahn Capital Management LLC raised its position in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after acquiring an additional 17,219 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after purchasing an additional 2,514 shares during the period. Finally, Beach Investment Counsel Inc. PA bought a new position in Formula One Group in the second quarter worth $48,000. Institutional investors own 92.26% of the company’s stock.

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.