Formula One Group (NASDAQ:FWONK) Stock Rating Upgraded by Morgan Stanley

Morgan Stanley upgraded shares of Formula One Group (NASDAQ:FWONK) from an equal weight rating to an overweight rating in a research note published on Wednesday, MarketBeat reports. The brokerage currently has $115.00 target price on the stock, up from their prior target price of $95.00.

Other analysts also recently issued reports about the company. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. UBS Group assumed coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price on the stock. Rosenblatt Securities lifted their price target on shares of Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $95.75.

Formula One Group Trading Down 2.4 %

Shares of FWONK opened at $92.58 on Wednesday. Formula One Group has a 12-month low of $61.44 and a 12-month high of $96.89. The stock has a market cap of $20.58 billion, a P/E ratio of 80.51 and a beta of 0.18. The company has a 50-day moving average of $84.70 and a two-hundred day moving average of $79.02.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.18. The company had revenue of $848.00 million for the quarter, compared to analyst estimates of $837.59 million. As a group, analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the sale, the director now owns 5,274 shares of the company’s stock, valued at $250,040.34. This represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,374 shares of company stock valued at $4,940,369. Insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Lountzis Asset Management LLC raised its stake in shares of Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares during the period. MetLife Investment Management LLC increased its holdings in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after purchasing an additional 203 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Formula One Group by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the period. Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Finally, Greenwood Gearhart Inc. lifted its stake in shares of Formula One Group by 8.1% during the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares in the last quarter. 92.26% of the stock is 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.