Formula One Group (NASDAQ:FWONK) Short Interest Update

Formula One Group (NASDAQ:FWONK) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 4,840,000 shares, a growth of 10.8% from the December 15th total of 4,370,000 shares. Based on an average daily trading volume, of 1,110,000 shares, the days-to-cover ratio is presently 4.4 days.

Analyst Ratings Changes

Several analysts have issued reports on FWONK shares. Rosenblatt Securities increased their price objective on shares of Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, January 10th. UBS Group assumed coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. Finally, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Formula One Group currently has a consensus rating of “Hold” and a consensus price target of $98.00.

Insider Buying and Selling

In other Formula One Group news, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $69.57, for a total transaction of $76,109.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Formula One Group

Several hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its position in shares of Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after purchasing an additional 287 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in Formula One Group during the fourth quarter valued at approximately $827,000. Greenwood Gearhart Inc. boosted its holdings in 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 buying an additional 13,146 shares in the last quarter. MetLife Investment Management LLC grew its position in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares during the last quarter. Finally, Lountzis Asset Management LLC increased its holdings in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after buying an additional 864 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK traded up $1.20 during trading hours on Monday, hitting $91.20. The stock had a trading volume of 769,892 shares, compared to its average volume of 1,003,555. The stock’s fifty day simple moving average is $90.40 and its 200 day simple moving average is $82.24. The firm has a market capitalization of $22.68 billion, a price-to-earnings ratio of 79.31 and a beta of 0.11. Formula One Group has a 1-year low of $62.49 and a 1-year high of $96.89.

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

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.