Formula One Group (NASDAQ:FWONK) Shares Down 3% – Here’s Why

Formula One Group (NASDAQ:FWONK)’s stock price was down 3% during trading on Wednesday . The stock traded as low as $75.70 and last traded at $76.95. Approximately 198,732 shares traded hands during trading, a decline of 84% from the average daily volume of 1,231,570 shares. The stock had previously closed at $79.34.

Analyst Ratings Changes

A number of research firms have recently commented on FWONK. StockNews.com upgraded Formula One Group to a “sell” rating in a report on Tuesday, April 1st. Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Wells Fargo & Company decreased their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. raised their target price on shares of Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, March 6th. Finally, Morgan Stanley decreased their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.33.

Formula One Group Price Performance

The firm has a market capitalization of $19.24 billion, a price-to-earnings ratio of 67.12 and a beta of 0.32. The business’s 50-day moving average price is $90.75 and its 200 day moving average price is $88.12.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. As a group, sell-side analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its stake 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 worth $37,529,000 after purchasing an additional 4,897 shares during the last quarter. California State Teachers Retirement System grew its holdings in Formula One Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock worth $32,518,000 after buying an additional 6,297 shares in the last quarter. Greenwood Gearhart Inc. increased its position in Formula One Group by 2.7% in the 4th quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock valued at $16,764,000 after acquiring an additional 4,761 shares during the period. Hahn Capital Management LLC raised its stake in Formula One Group by 47.7% during the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after acquiring an additional 287 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.