Formula One Group (NASDAQ:FWONA) Sees Large Volume Increase – Here’s Why

Formula One Group (NASDAQ:FWONA) shares saw an uptick in trading volume on Wednesday . 362,357 shares were traded during mid-day trading, an increase of 260% from the previous session’s volume of 100,539 shares.The stock last traded at $80.97 and had previously closed at $80.51.

Wall Street Analyst Weigh In

Separately, Benchmark restated a “buy” rating and issued a $81.00 price objective on shares of Formula One Group in a research note on Thursday, November 14th.

Formula One Group Trading Up 0.7 %

The stock has a 50-day moving average price of $74.09 and a 200 day moving average price of $70.35. The stock has a market capitalization of $19.06 billion, a price-to-earnings ratio of 70.51 and a beta of 0.05.

Insider Activity

In related news, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. Insiders sold 31,911 shares of company stock worth $2,403,701 over the last three months. 4.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Formula One Group

A hedge fund recently bought a new stake in Formula One Group stock. Lountzis Asset Management LLC purchased a new stake in Formula One Group (NASDAQ:FWONA) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,079 shares of the company’s stock, valued at approximately $220,000. 8.38% of the stock is currently owned by institutional investors and hedge funds.

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.