Short Interest in Formula One Group (NASDAQ:FWONK) Increases By 16.2%

Formula One Group (NASDAQ:FWONK) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totalling 4,670,000 shares, a growth of 16.2% from the September 15th total of 4,020,000 shares. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is currently 4.0 days.

Formula One Group Price Performance

Formula One Group stock traded down $0.21 during trading hours on Wednesday, hitting $79.69. The company had a trading volume of 775,599 shares, compared to its average volume of 1,176,870. The firm has a market cap of $18.73 billion, a PE ratio of 58.17 and a beta of 0.04. Formula One Group has a one year low of $61.23 and a one year high of $82.23. The firm has a 50-day moving average of $77.04 and a 200 day moving average of $74.09.

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

Analyst Ratings Changes

FWONK has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. StockNews.com raised Formula One Group to a “sell” rating in a report on Saturday.

Insiders Place Their Bets

In related news, Director Andrea L. Wong sold 1,604 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, 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 SEC, which is accessible through this hyperlink. In other news, CAO Brian J. Wendling sold 10,011 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Andrea L. Wong sold 1,604 shares of the company’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 directly owns 5,274 shares in the company, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock valued at $2,327,591 in the last three months. 4.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC grew 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 worth $1,378,000 after acquiring an additional 2,514 shares during the last quarter. Beach Investment Counsel Inc. PA bought a new position in Formula One Group during the 2nd quarter worth $48,000. Finally, Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 33.5% in 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 period. 92.26% of the stock is currently owned by 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.