Formula One Group’s (FWONA) “Buy” Rating Reiterated at Benchmark

Formula One Group (NASDAQ:FWONA)‘s stock had its “buy” rating reissued by equities research analysts at Benchmark in a report issued on Thursday,Benzinga reports. They presently have a $81.00 target price on the stock. Benchmark’s target price points to a potential upside of 8.97% from the stock’s previous close.

Formula One Group Stock Performance

Formula One Group stock opened at $74.33 on Thursday. Formula One Group has a 1 year low of $55.25 and a 1 year high of $79.67. The firm has a 50 day moving average price of $72.74 and a 200 day moving average price of $69.41. The company has a market cap of $17.47 billion, a price-to-earnings ratio of 64.64 and a beta of 0.05.

Insider Transactions at Formula One Group

In other news, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the sale, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. This represents a 23.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction dated 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. Insiders sold a total of 30,817 shares of company stock worth $2,327,591 in the last ninety days. Insiders own 4.83% of the company’s stock.

Institutional Trading of Formula One Group

Large investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in shares of Formula One Group by 13.5% during the first quarter. Janney Montgomery Scott LLC now owns 13,413 shares of the company’s stock worth $788,000 after acquiring an additional 1,600 shares during the last quarter. Lountzis Asset Management LLC purchased a new position in Formula One Group in the third quarter valued at about $220,000. Finally, Integrated Wealth Concepts LLC grew its stake in Formula One Group by 4.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 8.38% 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.