Formula One Group (NASDAQ:FWONK) Price Target Lowered to $80.00 at Wells Fargo & Company

Formula One Group (NASDAQ:FWONK) had its price objective dropped by equities research analysts at Wells Fargo & Company from $83.00 to $80.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential downside of 15.71% from the stock’s current price.

A number of other research analysts have also recently weighed in on FWONK. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research note on Wednesday. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Seaport Res Ptn lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley upgraded Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $95.00 to $115.00 in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $93.40.

Formula One Group Trading Up 3.3 %

Shares of FWONK traded up $2.99 on Friday, reaching $94.91. 851,055 shares of the company’s stock traded hands, compared to its average volume of 1,201,304. The stock’s 50 day simple moving average is $94.76 and its two-hundred day simple moving average is $85.97. The stock has a market cap of $23.60 billion, a PE ratio of 82.21 and a beta of 0.11. Formula One Group has a 52-week low of $64.37 and a 52-week high of $102.33.

Insider Activity at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s 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 sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available at this link. 4.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. MetLife Investment Management LLC boosted its holdings in shares of Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after purchasing an additional 203 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Formula One Group by 1.0% in the fourth 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 in the last quarter. Lountzis Asset Management LLC grew its position in Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after acquiring an additional 864 shares during the last quarter. Greenwood Gearhart Inc. raised its stake in shares of 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 acquiring an additional 4,761 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after acquiring an additional 4,897 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.

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.