Formula One Group (NASDAQ:FWONA) Sets New 52-Week High – Here’s Why

Formula One Group (NASDAQ:FWONA) shares hit a new 52-week high on Wednesday . The company traded as high as $93.92 and last traded at $93.87, with a volume of 8150 shares changing hands. The stock had previously closed at $92.72.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FWONA. Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Benchmark reiterated a “buy” rating and issued a $81.00 target price on shares of Formula One Group in a research report on Thursday, November 14th.

Formula One Group Stock Up 0.5 %

The company has a 50-day moving average price of $85.26 and a 200-day moving average price of $77.14. The company has a market capitalization of $23.17 billion, a price-to-earnings ratio of 81.01 and a beta of 0.14.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.17. The company had revenue of $848.00 million for the quarter, compared to analyst estimates of $825.00 million. During the same period in the prior year, the company posted $0.39 EPS. Equities analysts expect that Formula One Group will post 1.46 EPS for the current fiscal year.

Insider Activity

In other news, CEO Gregory B. Maffei sold 35,463 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the sale, the chief executive officer now owns 1,240,785 shares of the company’s stock, valued at approximately $88,753,351.05. This represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian J. Wendling sold 1,094 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.57, for a total transaction of $76,109.58. The disclosure for this sale can be found here. 4.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC lifted its holdings in Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after buying an additional 159 shares in the last quarter. Lountzis Asset Management LLC bought a new stake in shares of Formula One Group during the third quarter worth approximately $220,000. Finally, Integrated Wealth Concepts LLC lifted its holdings in Formula One Group by 4.2% in the third quarter. Integrated Wealth Concepts LLC now owns 7,462 shares of the company’s stock valued at $534,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 8.38% 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.