Liberty Media Formula One Series C (NASDAQ:FWONK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

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. “

Several other brokerages have also recently issued reports on FWONK. JPMorgan Chase & Co. raised Liberty Media Formula One Series C from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $38.00 to $50.00 in a research report on Thursday, August 15th. ValuEngine cut Liberty Media Formula One Series C from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $48.00.

Shares of NASDAQ:FWONK traded up $0.01 during mid-day trading on Thursday, hitting $42.97. 630,600 shares of the company traded hands, compared to its average volume of 854,356. The stock has a market cap of $9.85 billion, a P/E ratio of -66.11 and a beta of 0.95. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.64. Liberty Media Formula One Series C has a 12-month low of $27.51 and a 12-month high of $43.97. The stock has a 50-day moving average price of $41.32 and a two-hundred day moving average price of $39.66.

Large investors have recently made changes to their positions in the stock. Caledonia Private Investments Pty Ltd lifted its holdings in Liberty Media Formula One Series C by 17.3% during the second quarter. Caledonia Private Investments Pty Ltd now owns 12,882,837 shares of the company’s stock worth $481,947,000 after acquiring an additional 1,902,777 shares during the period. Nuveen Asset Management LLC bought a new stake in Liberty Media Formula One Series C during the second quarter worth $34,196,000. BlackRock Inc. lifted its holdings in Liberty Media Formula One Series C by 9.1% during the second quarter. BlackRock Inc. now owns 10,485,813 shares of the company’s stock worth $392,275,000 after acquiring an additional 878,522 shares during the period. Citadel Advisors LLC lifted its holdings in Liberty Media Formula One Series C by 83.8% during the second quarter. Citadel Advisors LLC now owns 1,718,758 shares of the company’s stock worth $64,299,000 after acquiring an additional 783,423 shares during the period. Finally, UBS Group AG lifted its holdings in Liberty Media Formula One Series C by 151.4% during the second quarter. UBS Group AG now owns 1,114,497 shares of the company’s stock worth $41,694,000 after acquiring an additional 671,195 shares during the period. 82.64% of the stock is currently owned by institutional investors.

About Liberty Media Formula One Series C

Formula One Group operates in the motorsports business. It holds commercial rights for the world championship, a motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship. The company is based in Englewood, Colorado.

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