Formula One Group (NASDAQ:FWONK) Short Interest Up 10.3% in August

Formula One Group (NASDAQ:FWONK) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 4,810,000 shares, an increase of 10.3% from the August 15th total of 4,360,000 shares. Based on an average daily volume of 1,280,000 shares, the short-interest ratio is presently 3.8 days.

Formula One Group Price Performance

Shares of Formula One Group stock traded down $0.82 during midday trading on Wednesday, reaching $77.39. The company had a trading volume of 947,900 shares, compared to its average volume of 1,194,957. The stock has a fifty day moving average price of $77.44 and a 200 day moving average price of $72.91. Formula One Group has a fifty-two week low of $60.95 and a fifty-two week high of $82.23. The firm has a market cap of $18.19 billion and a PE ratio of 56.49.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $960.45 million. As a group, sell-side analysts forecast that Formula One Group will post 0.98 EPS for the current year.

Analyst Upgrades and Downgrades

FWONK has been the subject of a number of research reports. Evercore ISI raised their price objective on shares of Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, June 4th. Morgan Stanley dropped their price target on shares of Formula One Group from $83.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, StockNews.com raised shares of Formula One Group to a “sell” rating in a research note on Saturday, August 24th.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC acquired a new position in Formula One Group during the fourth quarter worth $1,167,000. Hahn Capital Management LLC raised its holdings 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 during the last quarter. Finally, Beach Investment Counsel Inc. PA purchased a new stake in shares of Formula One Group during the second quarter valued at approximately $48,000. Institutional investors and hedge funds 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.