Formula One Group (NASDAQ:FWONK) Earns Positive Rating from Analysts at Susquehanna

Susquehanna started coverage on shares of Formula One Group (NASDAQ:FWONK) in a research report released on Monday, MarketBeat Ratings reports. The firm issued a positive rating and a $115.00 price objective on the stock.

FWONK has been the subject of a number of other reports. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Morgan Stanley lowered their target price on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Wells Fargo & Company cut their price target 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 objective on shares of Formula One Group in a research note on Friday, March 7th. Finally, JPMorgan Chase & Co. upped their target price 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. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Formula One Group currently has a consensus rating of “Moderate Buy” and an average price target of $98.14.

Formula One Group Stock Down 0.7 %

Formula One Group stock opened at $88.67 on Monday. Formula One Group has a twelve month low of $68.43 and a twelve month high of $102.33. The company’s 50-day moving average price is $86.67 and its 200-day moving average price is $88.73. The company has a market cap of $22.10 billion, a PE ratio of 77.11 and a beta of 0.32.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data 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 business had revenue of $20.71 billion during the quarter, compared to the consensus estimate of $1.37 billion. As a group, sell-side analysts expect that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FWONK. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group in the 4th quarter worth $827,000. Hahn Capital Management LLC raised its holdings in shares of 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 acquiring an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. grew its holdings 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. Allstate Corp purchased a new position in Formula One Group during the 4th quarter valued at about $571,000. Finally, Janney Montgomery Scott LLC raised its holdings 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 valued at $2,560,000 after purchasing an additional 287 shares in 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.