Formula One Group (NASDAQ:FWONK) Upgraded to Sell by StockNews.com

StockNews.com upgraded shares of Formula One Group (NASDAQ:FWONK) to a sell rating in a report released on Saturday morning.

Separately, Morgan Stanley boosted their price target on Formula One Group from $80.00 to $85.00 and gave the stock an equal weight rating in a research report on Monday, September 23rd.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK opened at $79.90 on Friday. Formula One Group has a 1 year low of $61.23 and a 1 year high of $82.23. The stock has a 50-day simple moving average of $77.04 and a 200-day simple moving average of $74.09. The stock has a market capitalization of $18.78 billion, a P/E ratio of 58.32 and a beta of 0.04.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The company had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $960.45 million. Analysts predict that Formula One Group will post 1.01 earnings per share for the current year.

Insider Buying and Selling

In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the transaction, the director now directly owns 5,274 shares in the company, valued at $250,040.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the sale, the director now directly owns 5,274 shares of the company’s stock, valued at approximately $250,040.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction dated Friday, September 20th. The shares were 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. Over the last 90 days, insiders have sold 30,817 shares of company stock worth $2,327,591. 4.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Janney Montgomery Scott LLC boosted 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 purchasing an additional 2,514 shares during the period. Beach Investment Counsel Inc. PA bought a new position in shares of Formula One Group during the second quarter worth about $48,000. Finally, Hahn Capital Management LLC grew its position 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 acquiring an additional 17,219 shares during the last quarter. 92.26% 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.