Formula One Group (NASDAQ:FWONK) Hits New 52-Week High – Time to Buy?

Shares of Formula One Group (NASDAQ:FWONK) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $101.80 and last traded at $100.98, with a volume of 185447 shares. The stock had previously closed at $100.07.

Wall Street Analyst Weigh In

FWONK has been the topic of several research analyst reports. Rosenblatt Securities upped their price objective on Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, January 10th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Morgan Stanley raised shares of Formula One Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. UBS Group began coverage on shares of Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 target price for the company. 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 analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $98.00.

Formula One Group Stock Up 0.5 %

The stock has a market cap of $25.02 billion, a P/E ratio of 87.51 and a beta of 0.11. The company has a 50-day simple moving average of $93.58 and a two-hundred day simple moving average of $84.27.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Tuesday, November 12th. The company reported $0.48 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. As a group, sell-side analysts forecast that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at Formula One Group

In other news, 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 transaction of $2,536,668.39. Following the sale, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’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 disclosure for this sale can be found here. 4.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently modified their holdings of the stock. Lountzis Asset Management LLC grew its position in Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares during the last quarter. Allstate Corp bought a new stake in shares of Formula One Group during the fourth quarter valued at approximately $571,000. MetLife Investment Management LLC raised 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 worth $538,000 after acquiring an additional 203 shares during the last quarter. Everence Capital Management Inc. bought a new position in Formula One Group in the 4th quarter valued at approximately $827,000. Finally, Janney Montgomery Scott LLC boosted its stake in Formula One Group by 16.9% during the 3rd 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 last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.