Formula One Group (NASDAQ:FWONK) Receives Buy Rating from Rosenblatt Securities

Formula One Group (NASDAQ:FWONK)‘s stock had its “buy” rating restated by stock analysts at Rosenblatt Securities in a report issued on Wednesday,Benzinga reports. They presently have a $102.00 price objective on the stock. Rosenblatt Securities’ price target suggests a potential upside of 8.20% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $95.00 to $115.00 in a report on Wednesday, December 18th. Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company upgraded Formula One Group to a “strong sell” rating in a report on Friday, February 21st. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.00.

Formula One Group Trading Down 2.8 %

Shares of Formula One Group stock opened at $94.27 on Wednesday. Formula One Group has a 52 week low of $64.37 and a 52 week high of $102.33. The stock has a market cap of $23.45 billion, a PE ratio of 81.97 and a beta of 0.11. The company’s 50-day moving average price is $94.77 and its two-hundred day moving average price is $85.72.

Insider Buying and Selling

In other news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MetLife Investment Management LLC lifted its position in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after purchasing an additional 287 shares during the last quarter. Lountzis Asset Management LLC lifted its holdings in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after purchasing an additional 864 shares during the last quarter. Greenwood Gearhart Inc. boosted its position 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 purchasing an additional 4,761 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in Formula One Group by 1.2% during 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 purchasing an additional 4,897 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

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.