Formula One Group’s (FWONA) Buy Rating Reaffirmed at Benchmark

Benchmark restated their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a research report report published on Thursday morning,Benzinga reports. Benchmark currently has a $81.00 target price on the stock.

Formula One Group Stock Performance

FWONA stock traded down $2.94 during mid-day trading on Thursday, hitting $74.30. 93,564 shares of the company were exchanged, compared to its average volume of 101,080. Formula One Group has a 1-year low of $55.25 and a 1-year high of $79.67. The firm has a market cap of $17.46 billion, a P/E ratio of 66.14 and a beta of 0.05. The firm’s 50 day simple moving average is $72.65 and its 200 day simple moving average is $69.33.

Insider Activity at Formula One Group

In other Formula One Group 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 transaction, the director now directly owns 5,274 shares in the company, valued at approximately $250,040.34. This represents a 23.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. Insiders have sold 30,817 shares of company stock worth $2,327,591 over the last ninety days. Insiders own 4.83% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors have recently modified their holdings of FWONA. Lountzis Asset Management LLC acquired a new position in shares of Formula One Group during the third quarter worth approximately $220,000. Integrated Wealth Concepts LLC raised its position 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 buying an additional 300 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Formula One Group by 13.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 13,413 shares of the company’s stock valued at $788,000 after buying an additional 1,600 shares during the last quarter. 8.38% of the stock is owned by institutional investors and hedge funds.

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.