Formula One Group (NASDAQ:FWONK) Trading 3.9% Higher – Time to Buy?

Formula One Group (NASDAQ:FWONK) shares shot up 3.9% during mid-day trading on Thursday . The stock traded as high as $82.29 and last traded at $82.87. 274,425 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,245,809 shares. The stock had previously closed at $79.77.

Analysts Set New Price Targets

FWONK has been the subject of several analyst reports. StockNews.com raised shares of Formula One Group to a “sell” rating in a research report on Tuesday, April 1st. Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Morgan Stanley lowered their price objective on 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. JPMorgan Chase & Co. increased their price target 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. Finally, 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 report on Friday, February 28th. Two research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $95.33.

Formula One Group Stock Performance

The stock has a market capitalization of $20.64 billion, a price-to-earnings ratio of 71.99 and a beta of 0.32. The firm’s 50 day moving average is $88.58 and its 200-day moving average is $88.17.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share 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. As a group, sell-side analysts forecast that Formula One Group will post 1.36 earnings per share for the current year.

Institutional Trading of Formula One Group

Hedge funds have recently made changes to their positions in the company. Everence Capital Management Inc. purchased a new position in Formula One Group during the fourth quarter worth about $827,000. Janney Montgomery Scott LLC raised its position 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 valued at $2,560,000 after purchasing an additional 287 shares during the period. Hahn Capital Management LLC boosted its position 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 buying an additional 21,699 shares during the period. Allstate Corp acquired a new stake in shares of Formula One Group in the fourth quarter valued at $571,000. Finally, Greenwood Gearhart Inc. lifted its stake in Formula One Group by 2.7% during the 4th 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. Hedge funds and other 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.