Formula One Group (NASDAQ:FWONK) Stock Price Down 2.6% – Time to Sell?

Formula One Group (NASDAQ:FWONK) traded down 2.6% during trading on Thursday . The company traded as low as $78.48 and last traded at $79.87. 286,113 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 1,240,102 shares. The stock had previously closed at $81.99.

Wall Street Analyst Weigh In

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

Formula One Group Price Performance

The firm has a 50-day moving average of $90.39 and a 200-day moving average of $88.12. The stock has a market cap of $19.24 billion, a PE ratio of 67.12 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to the consensus estimate of $1.37 billion. Equities analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Trading of Formula One Group

Large investors have recently made changes to their positions in the business. Versant Capital Management Inc lifted its position in Formula One Group by 1,378.8% in the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock worth $194,000 after buying an additional 2,013 shares during the last quarter. Allstate Corp purchased a new stake in shares of Formula One Group in the fourth quarter valued at $571,000. Everence Capital Management Inc. bought a new stake in shares of Formula One Group in the 4th quarter worth about $827,000. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 1.0% during 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 period. Finally, Hahn Capital Management LLC grew its holdings 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 purchasing an additional 21,699 shares during the last quarter. 92.26% of the stock is currently owned by 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.