Formula One Group (NASDAQ:FWONK) Trading 0.1% Higher – What’s Next?

Formula One Group (NASDAQ:FWONK) shares shot up 0.1% during trading on Monday . The company traded as high as $83.52 and last traded at $82.85. 252,156 shares were traded during trading, a decline of 81% from the average session volume of 1,331,392 shares. The stock had previously closed at $82.79.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Morgan Stanley dropped their target price on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Wells Fargo & Company reduced their target price 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. boosted their price target 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 upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Finally, StockNews.com upgraded Formula One Group to a “sell” rating in a research note on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.33.

Formula One Group Price Performance

The firm has a market capitalization of $20.51 billion, a P/E ratio of 71.57 and a beta of 0.32. The firm has a fifty day simple moving average of $88.58 and a two-hundred day simple moving average of $88.33.

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 firm had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, research analysts anticipate that Formula One Group will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc increased its stake in 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 during the period. California State Teachers Retirement System boosted its position in Formula One Group by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock valued at $32,518,000 after buying an additional 6,297 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after acquiring an additional 4,897 shares during the last quarter. Greenwood Gearhart Inc. increased its position in shares of Formula One Group by 2.7% in the fourth 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. Finally, Allstate Corp purchased a new stake in shares of Formula One Group during the fourth quarter worth about $571,000. 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.