Chase Carey Sells 50,000 Shares of Formula One Group (NASDAQ:FWONK) Stock

Formula One Group (NASDAQ:FWONK) Director Chase Carey sold 50,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $94.60, for a total transaction of $4,730,000.00. Following the completion of the sale, the director now directly owns 93,102 shares in the company, valued at approximately $8,807,449.20. This represents a 34.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Formula One Group Stock Down 0.2%

FWONK opened at $96.71 on Friday. The firm has a market cap of $21.57 billion, a price-to-earnings ratio of 84.10 and a beta of 0.33. Formula One Group has a 52 week low of $69.87 and a 52 week high of $102.33. The business’s 50 day moving average is $86.91 and its two-hundred day moving average is $89.81.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.23. The business had revenue of $447.00 million for the quarter, compared to analysts’ expectations of $440.80 million. Equities analysts expect that Formula One Group will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the company. JPMorgan Chase & Co. increased their target price on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, March 6th. Morgan Stanley cut their target price 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. Wells Fargo & Company decreased their target price on 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. Susquehanna began coverage on shares of Formula One Group in a report on Monday, April 28th. They set a “positive” rating and a $115.00 price objective on the stock. Finally, Rosenblatt Securities restated a “buy” rating and set a $102.00 price objective on shares of Formula One Group in a research report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Formula One Group presently has a consensus rating of “Moderate Buy” and an average price target of $98.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FWONK. Allstate Corp raised its holdings in shares of Formula One Group by 33.8% in the first quarter. Allstate Corp now owns 8,253 shares of the company’s stock valued at $743,000 after buying an additional 2,087 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Formula One Group by 22.7% in the first quarter. Russell Investments Group Ltd. now owns 128,702 shares of the company’s stock valued at $11,570,000 after buying an additional 23,809 shares during the last quarter. HighPoint Advisor Group LLC raised its holdings in shares of Formula One Group by 22.3% in the first quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company’s stock valued at $382,000 after buying an additional 779 shares during the last quarter. GW&K Investment Management LLC purchased a new stake in Formula One Group during the 1st quarter valued at approximately $25,000. Finally, Praxis Investment Management Inc. raised its stake in Formula One Group by 10.7% during the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company’s stock valued at $888,000 after acquiring an additional 950 shares during the last quarter. 92.26% of the stock is 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.