Formula One Group (NASDAQ:FWONK) Short Interest Up 10.3% in November

Formula One Group (NASDAQ:FWONK) was the recipient of a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 4,480,000 shares, a growth of 10.3% from the November 15th total of 4,060,000 shares. Based on an average daily trading volume, of 1,100,000 shares, the short-interest ratio is presently 4.1 days.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Rosenblatt Securities upped their price target on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, November 8th. UBS Group initiated coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective on the stock. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Seaport Res Ptn cut shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, Morgan Stanley lifted their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $88.25.

Formula One Group Trading Up 0.4 %

Shares of Formula One Group stock opened at $95.49 on Tuesday. The company’s 50-day moving average price is $83.57 and its 200-day moving average price is $78.62. Formula One Group has a 12-month low of $61.44 and a 12-month high of $96.26. The company has a market cap of $21.23 billion, a price-to-earnings ratio of 83.03 and a beta of 0.18.

Formula One Group (NASDAQ:FWONK) last posted its earnings results 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 firm had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million. On average, sell-side analysts predict that Formula One Group will post 1.36 earnings per share for the current year.

Insider Transactions at Formula One Group

In related news, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the sale, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 23.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Renee L. Wilm sold 19,202 shares of the business’s 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. Insiders have sold 31,911 shares of company stock worth $2,403,701 in the last 90 days. 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 added to or reduced their stakes in the business. Hahn Capital Management LLC increased its holdings in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after buying an additional 17,219 shares during the last quarter. Greenwood Gearhart Inc. grew its position in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares in the last quarter. MetLife Investment Management LLC increased its stake 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 valued at $538,000 after acquiring an additional 203 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Formula One Group by 16.9% during 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 in the last quarter. Finally, Lountzis Asset Management LLC lifted its stake in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the last quarter. 92.26% of the stock is currently owned by hedge funds and other 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.