Short Interest in Formula One Group (NASDAQ:FWONK) Rises By 10.8%

Formula One Group (NASDAQ:FWONK) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 4,840,000 shares, a growth of 10.8% from the December 15th total of 4,370,000 shares. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 4.4 days.

Formula One Group Price Performance

Shares of NASDAQ FWONK traded up $1.20 during trading hours on Monday, hitting $91.20. 769,892 shares of the stock were exchanged, compared to its average volume of 1,003,555. Formula One Group has a one year low of $62.49 and a one year high of $96.89. The company’s 50 day moving average is $90.40 and its 200 day moving average is $82.24. The firm has a market capitalization of $22.68 billion, a P/E ratio of 79.31 and a beta of 0.11.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to the consensus estimate of $837.59 million. Research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FWONK has been the subject of a number of research reports. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $95.00 to $115.00 in a research report on Wednesday, December 18th. UBS Group started coverage on Formula One Group in a research note on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target for the company. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Finally, Rosenblatt Securities increased their price target on shares of Formula One Group from $93.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $98.00.

Insider Buying and Selling

In related news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $71.53, for a total transaction of $2,536,668.39. Following the transaction, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here.

Institutional Trading of Formula One Group

Hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC increased its position in shares of 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 purchasing an additional 287 shares during the period. Everence Capital Management Inc. bought a new stake in Formula One Group in the 4th quarter valued at $827,000. Greenwood Gearhart Inc. raised its stake in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the period. Finally, Lountzis Asset Management LLC lifted its holdings in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares during the period. 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.