Formula One Group (NASDAQ:FWONK) Issues Quarterly Earnings Results, Misses Expectations By $1.45 EPS

Formula One Group (NASDAQ:FWONK) posted its earnings results on Thursday. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45), Zacks reports. The business had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion.

Formula One Group Stock Performance

Shares of FWONK stock traded up $4.51 during mid-day trading on Friday, hitting $96.43. The company’s stock had a trading volume of 3,145,350 shares, compared to its average volume of 1,260,791. The company has a market cap of $23.98 billion, a PE ratio of 83.85 and a beta of 0.11. The company’s fifty day simple moving average is $94.80 and its 200-day simple moving average is $86.12. Formula One Group has a 52 week low of $64.37 and a 52 week high of $102.33.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FWONK. Morgan Stanley cut their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday. Wells Fargo & Company cut their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a research note on Wednesday. Finally, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.40.

Insider Activity at Formula One Group

In related news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.31% of the stock is owned by corporate insiders.

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.