Formula One Group (NASDAQ:FWONA) Shares Gap Down – Here’s Why

Formula One Group (NASDAQ:FWONA) gapped down before the market opened on Thursday . The stock had previously closed at $88.00, but opened at $83.00. Formula One Group shares last traded at $82.57, with a volume of 25,894 shares.

Analyst Ratings Changes

A number of research firms recently weighed in on FWONA. Wells Fargo & Company assumed coverage on Formula One Group in a research note on Monday. They issued an “underweight” rating and a $83.00 price target on the stock. 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. Finally, Benchmark reaffirmed a “buy” rating and set a $81.00 target price on shares of Formula One Group in a report on Thursday, November 14th.

Formula One Group Trading Down 4.1 %

The stock has a market cap of $21.00 billion, a P/E ratio of 73.44 and a beta of 0.14. The firm has a 50-day simple moving average of $86.97 and a two-hundred day simple moving average of $78.78.

Insider Activity

In other news, CEO Gregory B. Maffei sold 35,463 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the transaction, the chief executive officer now directly owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Lountzis Asset Management LLC acquired a new position in Formula One Group during the third quarter worth about $220,000. Integrated Wealth Concepts LLC lifted 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 purchasing an additional 300 shares during the last quarter. FNY Investment Advisers LLC boosted its position in Formula One Group by 25.6% in the fourth quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock valued at $65,000 after buying an additional 159 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Formula One Group by 67.2% during the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock worth $56,000 after buying an additional 266 shares in the last quarter. 8.38% of the stock is currently 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.