Zacks Investment Research downgraded shares of Liberty Media Formula One Series C (NASDAQ:FWONK) from a buy rating to a hold rating in a research report sent to investors on Friday.

According to Zacks, “Liberty Media Corporation owns interests in a broad range of media, communications and entertainment businesses through their operating subsidiaries and investments in various publicly-traded companies. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, as well as infotainment services on a subscription fee basis through its satellite radio systems; provides next-generation connected vehicle applications and services; streams music and non-music channels over the Internet; sells satellite and Internet radios to consumers through Website and retailers; and offers other ancillary services, such as weather, traffic, data, and Backseat television services. Liberty Media Corporation is headquartered in Englewood, Colorado. “

FWONK has been the subject of a number of other reports. ValuEngine lowered Liberty Media Formula One Series C from a buy rating to a hold rating in a research report on Tuesday, July 24th. Goldman Sachs Group assumed coverage on Liberty Media Formula One Series C in a research report on Tuesday, October 9th. They set a neutral rating and a $39.00 target price for the company. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $43.33.

NASDAQ FWONK traded down $1.40 on Friday, reaching $32.66. 1,900,201 shares of the stock traded hands, compared to its average volume of 1,278,210. The firm has a market cap of $7.87 billion, a PE ratio of 26.99 and a beta of 1.44. Liberty Media Formula One Series C has a 12 month low of $28.37 and a 12 month high of $39.62.

Liberty Media Formula One Series C (NASDAQ:FWONK) last issued its earnings results on Wednesday, August 8th. The company reported $0.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.08. The firm had revenue of $585.00 million for the quarter, compared to the consensus estimate of $602.28 million. On average, equities research analysts anticipate that Liberty Media Formula One Series C will post -0.26 earnings per share for the current year.

Several large investors have recently made changes to their positions in the company. Comerica Bank increased its holdings in shares of Liberty Media Formula One Series C by 9.4% in the 2nd quarter. Comerica Bank now owns 21,206 shares of the company’s stock valued at $816,000 after acquiring an additional 1,823 shares during the period. Private Capital Advisors Inc. increased its holdings in shares of Liberty Media Formula One Series C by 16.6% in the 3rd quarter. Private Capital Advisors Inc. now owns 13,433 shares of the company’s stock valued at $512,000 after acquiring an additional 1,912 shares during the period. Toronto Dominion Bank increased its holdings in shares of Liberty Media Formula One Series C by 9.7% in the 3rd quarter. Toronto Dominion Bank now owns 22,032 shares of the company’s stock valued at $819,000 after acquiring an additional 1,951 shares during the period. Amalgamated Bank increased its holdings in shares of Liberty Media Formula One Series C by 5.6% in the 2nd quarter. Amalgamated Bank now owns 37,500 shares of the company’s stock valued at $1,392,000 after acquiring an additional 1,989 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Liberty Media Formula One Series C by 6.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 33,286 shares of the company’s stock valued at $1,235,000 after acquiring an additional 2,001 shares during the period. Institutional investors and hedge funds own 89.36% of the company’s stock.

Liberty Media Formula One Series C Company Profile

Formula One Group, through its subsidiaries, engages in the media and entertainment businesses in North America. Formula One Group was formerly known as The Liberty Media Group. The company is based in Englewood, Colorado. Formula One Group is a former subsidiary of Liberty Media Corporation.

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