Formula One Group (NASDAQ:FWONA) Reaches New 12-Month High – Still a Buy?

Formula One Group (NASDAQ:FWONA) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $89.13 and last traded at $88.51, with a volume of 3547 shares traded. The stock had previously closed at $88.28.

Analyst Ratings Changes

Several brokerages have recently issued reports on FWONA. Benchmark reiterated a “buy” rating and issued a $81.00 target price on shares of Formula One Group in a research note on Thursday, November 14th. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th.

Formula One Group Price Performance

The firm has a market capitalization of $21.56 billion, a P/E ratio of 75.54 and a beta of 0.14. The firm has a 50-day moving average price of $84.15 and a two-hundred day moving average price of $76.38.

Formula One Group (NASDAQ:FWONA) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.17. The company had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $825.00 million. During the same period last year, the firm earned $0.39 earnings per share. Sell-side analysts predict that Formula One Group will post 1.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the stock in a transaction that occurred on 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.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC boosted its position in Formula One Group by 25.6% during the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after purchasing an additional 159 shares in the last quarter. Lountzis Asset Management LLC purchased a new position in shares of Formula One Group during the 3rd quarter valued at approximately $220,000. Finally, Integrated Wealth Concepts LLC grew its stake in Formula One Group by 4.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after acquiring an additional 300 shares during the period. 8.38% of the stock is owned by institutional investors and hedge funds.

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.