Formula One Group (NASDAQ:FWONA) Shares Gap Down on Disappointing Earnings

Formula One Group (NASDAQ:FWONA) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $88.00, but opened at $83.00. Formula One Group shares last traded at $82.57, with a volume of 25,894 shares.

The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($1.46). The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.37 billion.

Wall Street Analyst Weigh In

FWONA has been the topic of several research reports. Seaport Res Ptn downgraded Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company began coverage on Formula One Group in a report on Monday, February 24th. They issued an “underweight” rating and a $83.00 price target on the stock. Finally, Benchmark reissued a “buy” rating and set a $81.00 price objective on shares of Formula One Group in a report on Thursday, November 14th.

Insider Activity

In related news, CEO Gregory B. Maffei sold 35,463 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FWONA. FNY Investment Advisers LLC lifted its holdings in shares of Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after purchasing an additional 159 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Formula One Group by 67.2% in the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after buying an additional 266 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in shares of Formula One Group by 4.2% in the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after buying an additional 300 shares during the period. Finally, Lountzis Asset Management LLC bought a new stake in shares of Formula One Group during the third quarter worth $220,000. Institutional investors and hedge funds own 8.38% of the company’s stock.

Formula One Group Stock Up 6.1 %

The business’s fifty day moving average is $87.03 and its 200 day moving average is $78.97. The firm has a market capitalization of $22.16 billion, a price-to-earnings ratio of 77.50 and a beta of 0.14.

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.