Formula One Group (NASDAQ:FWONK) Shares Gap Down Following Weak Earnings

Formula One Group (NASDAQ:FWONK) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $94.94, but opened at $89.47. Formula One Group shares last traded at $89.36, with a volume of 567,173 shares changing hands.

The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion.

Analyst Ratings Changes

Several research firms recently weighed in on FWONK. Wells Fargo & Company decreased their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday. Morgan Stanley lowered their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. Seaport Res Ptn downgraded shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $102.00 target price on shares of Formula One Group in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Formula One Group presently has a consensus rating of “Hold” and a consensus target price of $93.40.

Insiders Place Their Bets

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its holdings in Formula One Group by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after acquiring an additional 4,897 shares during the period. Greenwood Gearhart Inc. boosted its holdings in Formula One Group by 2.7% during 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. Hahn Capital Management LLC raised its holdings in 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 purchasing an additional 21,699 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after buying an additional 287 shares during the last quarter. Finally, Everence Capital Management Inc. purchased a new stake in shares of Formula One Group in the 4th quarter worth about $827,000. 92.26% of the stock is owned by institutional investors and hedge funds.

Formula One Group Price Performance

The firm’s 50-day moving average price is $94.80 and its 200 day moving average price is $86.12. The firm has a market capitalization of $23.98 billion, a price-to-earnings ratio of 83.85 and a beta of 0.11.

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.