Formula One Group’s (FWONK) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Formula One Group (NASDAQ:FWONK) in a research note published on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a $102.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on the company. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Wells Fargo & Company raised Formula One Group to a “strong sell” rating in a report on Friday, February 21st. Finally, Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Formula One Group presently has an average rating of “Hold” and a consensus target price of $98.00.

Formula One Group Stock Performance

FWONK stock opened at $94.94 on Wednesday. The company has a market capitalization of $23.61 billion, a PE ratio of 82.56 and a beta of 0.11. The company’s fifty day moving average price is $94.76 and its 200-day moving average price is $85.86. Formula One Group has a one year low of $64.37 and a one year high of $102.33.

Insider Activity

In related news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lountzis Asset Management LLC grew its stake in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares during the last quarter. Allstate Corp purchased a new position in Formula One Group during the 4th quarter valued at $571,000. MetLife Investment Management LLC grew its position in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after acquiring an additional 203 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in Formula One Group in the fourth quarter worth $827,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Formula One Group by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,958 shares during the last quarter. 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.