Analysts Set Formula One Group (NASDAQ:FWONK) PT at $95.33

Shares of Formula One Group (NASDAQ:FWONK) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $95.33.

Several equities research analysts have recently weighed in on FWONK shares. StockNews.com upgraded Formula One Group to a “sell” rating in a research report on Tuesday, April 1st. Wells Fargo & Company decreased their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. Finally, JPMorgan Chase & Co. lifted their price objective on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, March 6th.

Formula One Group Trading Up 2.3 %

Shares of FWONK stock opened at $80.26 on Wednesday. Formula One Group has a 12 month low of $66.80 and a 12 month high of $102.33. The stock has a market capitalization of $20.01 billion, a P/E ratio of 69.79 and a beta of 0.32. The firm’s 50 day moving average is $89.67 and its 200 day moving average is $88.14.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analysts’ expectations of $1.37 billion. On average, equities analysts predict that Formula One Group will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Formula One Group

Large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings 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 worth $194,000 after purchasing an additional 2,013 shares in the last quarter. Allstate Corp purchased a new stake in Formula One Group in the fourth quarter worth approximately $571,000. Everence Capital Management Inc. bought a new position in Formula One Group during the fourth quarter valued at approximately $827,000. Janney Montgomery Scott LLC grew its position in Formula One Group by 1.0% during the fourth 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 during the last quarter. Finally, Hahn Capital Management LLC raised its stake in shares of Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after acquiring an additional 21,699 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

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.