Formula One Group (NASDAQ:FWONK) Short Interest Update

Formula One Group (NASDAQ:FWONK) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 4,670,000 shares, a growth of 16.2% from the September 15th total of 4,020,000 shares. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is presently 4.0 days.

Formula One Group Stock Down 0.3 %

Shares of FWONK traded down $0.21 during mid-day trading on Wednesday, hitting $79.69. 775,599 shares of the company’s stock traded hands, compared to its average volume of 1,176,870. The firm has a market capitalization of $18.73 billion, a P/E ratio of 58.17 and a beta of 0.04. The business’s 50-day moving average price is $77.08 and its 200-day moving average price is $74.12. Formula One Group has a 1 year low of $61.23 and a 1 year high of $82.23.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, missing the consensus estimate 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. Sell-side analysts anticipate that Formula One Group will post 1.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FWONK. StockNews.com raised Formula One Group to a “sell” rating in a research note on Saturday. Morgan Stanley upped their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd.

Insider Buying and Selling at Formula One Group

In related news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Andrea L. Wong sold 1,604 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Insiders sold 30,817 shares of company stock valued at $2,327,591 in the last quarter. 4.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently added to or reduced their stakes in the company. Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group during the second quarter valued at approximately $48,000. Janney Montgomery Scott LLC increased its position in Formula One Group by 13.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after buying an additional 2,514 shares in the last quarter. Finally, Hahn Capital Management LLC raised its stake in Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the last quarter. Institutional investors own 92.26% 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.