Formula One Group (NASDAQ:FWONK) Rating Increased to Sell at StockNews.com

Formula One Group (NASDAQ:FWONK) was upgraded by StockNews.com to a “sell” rating in a research report issued to clients and investors on Tuesday.

Several other research firms also recently issued reports on FWONK. Wells Fargo & Company reduced their price target on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. Morgan Stanley reduced their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price target on shares of Formula One Group in a research report on Friday, March 7th. JPMorgan Chase & Co. lifted their price objective on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, March 6th. Finally, Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Two analysts have rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.33.

Formula One Group Stock Down 1.2 %

Shares of NASDAQ FWONK traded down $1.12 during mid-day trading on Tuesday, reaching $88.89. 1,282,457 shares of the company were exchanged, compared to its average volume of 1,225,382. The stock has a market capitalization of $22.16 billion, a P/E ratio of 77.30 and a beta of 0.13. The company’s 50-day simple moving average is $92.93 and its 200-day simple moving average is $88.01. Formula One Group has a twelve month low of $64.37 and a twelve month high of $102.33.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. As a group, equities research analysts expect that Formula One Group will post 1.36 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FWONK. Everence Capital Management Inc. bought a new position in Formula One Group in the fourth quarter valued at about $827,000. Hahn Capital Management LLC boosted its stake in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. grew its holdings in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after purchasing an additional 13,146 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after purchasing an additional 287 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its stake 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 during the last quarter. 92.26% of the stock is owned by institutional investors.

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.