Formula One Group (NASDAQ:FWONK) Stock Price Down 2.8% – Should You Sell?

Formula One Group (NASDAQ:FWONK)’s share price fell 2.8% during trading on Friday . The stock traded as low as $82.10 and last traded at $84.29. 335,179 shares traded hands during trading, a decline of 73% from the average session volume of 1,220,362 shares. The stock had previously closed at $86.71.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FWONK shares. JPMorgan Chase & Co. upped their price target on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, March 6th. Morgan Stanley decreased their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. Finally, Wells Fargo & Company lowered their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $95.33.

Formula One Group Stock Performance

The company’s fifty day simple moving average is $92.57 and its two-hundred day simple moving average is $88.10. The company has a market capitalization of $20.07 billion, a price-to-earnings ratio of 70.00 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. Sell-side analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Institutional Trading of Formula One Group

A number of institutional investors and hedge funds have recently modified their holdings of FWONK. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the 4th quarter worth approximately $827,000. Hahn Capital Management LLC grew its stake in Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after buying an additional 21,699 shares during the last quarter. Greenwood Gearhart Inc. increased its position in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after buying an additional 13,146 shares during the period. Janney Montgomery Scott LLC lifted its stake in 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 buying an additional 287 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Formula One Group by 3.0% during the third 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 period. 92.26% of the stock is owned by institutional investors and hedge funds.

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.