Formula One Group (NASDAQ:FWONK) Trading Down 2% – Here’s What Happened

Formula One Group (NASDAQ:FWONK) shares traded down 2% during trading on Friday . The company traded as low as $76.79 and last traded at $76.83. 187,179 shares traded hands during trading, a decline of 85% from the average session volume of 1,244,662 shares. The stock had previously closed at $78.37.

Wall Street Analysts Forecast Growth

FWONK has been the subject of several research analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a report on Friday, March 7th. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Wells Fargo & Company reduced their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, February 28th. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a report on Tuesday, April 1st. Finally, Morgan Stanley decreased their price objective on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.33.

Formula One Group Trading Down 2.1 %

The stock’s 50 day moving average is $90.75 and its 200 day moving average is $88.12. The stock has a market capitalization of $19.13 billion, a price-to-earnings ratio of 66.90 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (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 the consensus estimate of $1.37 billion. On average, sell-side analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Formula One Group

Several large investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its stake in shares of Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after purchasing an additional 2,013 shares in the last quarter. Allstate Corp purchased a new position in Formula One Group in the fourth quarter valued at about $571,000. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the fourth quarter worth approximately $827,000. Janney Montgomery Scott LLC increased its position in shares of 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. Finally, Hahn Capital Management LLC increased its holdings in Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after buying an additional 21,699 shares during the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.