Formula One Group (NASDAQ:FWONK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Formula One Group (NASDAQ:FWONK) has been assigned a consensus rating of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $98.00.

FWONK has been the subject of a number of research reports. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Rosenblatt Securities increased their price objective on Formula One Group from $93.00 to $102.00 and gave the company a “buy” rating in a report on Friday, January 10th. Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. Finally, Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei sold 35,463 shares of Formula One Group stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the completion of the transaction, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FWONK. Public Employees Retirement System of Ohio increased its position in shares of Formula One Group by 1.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after purchasing an additional 4,897 shares during the last quarter. Greenwood Gearhart Inc. boosted its stake in Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after buying an additional 4,761 shares in the last quarter. Allstate Corp bought a new position in Formula One Group during the fourth quarter valued at approximately $571,000. Hahn Capital Management LLC raised its stake in shares of Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after acquiring an additional 21,699 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares during the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK opened at $96.84 on Tuesday. The company has a market capitalization of $24.09 billion, a P/E ratio of 84.21 and a beta of 0.11. The company’s 50-day moving average is $94.74 and its 200 day moving average is $85.50. Formula One Group has a fifty-two week low of $64.37 and a fifty-two week high of $102.33.

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.