JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Formula One Group (NASDAQ:FWONK) Stock

Formula One Group (NASDAQ:FWONK) had its target price upped by equities researchers at JPMorgan Chase & Co. from $96.00 to $105.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 13.30% from the company’s previous close.

Several other brokerages have also commented on FWONK. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Morgan Stanley dropped their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research report on Wednesday, February 26th. Wells Fargo & Company dropped their price target on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Finally, Seaport Res Ptn cut Formula One Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $95.33.

Formula One Group Price Performance

Shares of FWONK stock traded down $0.65 during trading hours on Thursday, reaching $92.67. The company had a trading volume of 159,774 shares, compared to its average volume of 1,259,983. The company has a market cap of $23.05 billion, a price-to-earnings ratio of 80.64 and a beta of 0.11. Formula One Group has a 12 month low of $64.37 and a 12 month high of $102.33. The business has a fifty day simple moving average of $94.68 and a 200-day simple moving average of $86.51.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, equities research analysts expect that Formula One Group will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

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 value of $2,536,668.39. Following the sale, the chief executive officer now directly owns 1,240,785 shares of the company’s stock, valued at $88,753,351.05. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently bought and sold shares of the company. Everence Capital Management Inc. purchased a new stake in Formula One Group during the fourth quarter valued at approximately $827,000. Hahn Capital Management LLC lifted its stake in shares of Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after buying an additional 21,699 shares during the period. Greenwood Gearhart Inc. raised its holdings in shares of Formula One Group by 8.1% during the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock valued at $538,000 after acquiring an additional 203 shares in the last quarter. 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.