Formula One Group (NASDAQ:FWONK) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Formula One Group (NASDAQ:FWONK) from a buy rating to a hold rating in a research note published on Thursday morning, 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. “

A number of other research analysts have also weighed in on the company. Pivotal Research raised their price objective on Formula One Group from $50.00 to $53.00 and gave the company a buy rating in a research report on Tuesday, March 2nd. Morgan Stanley increased their price target on shares of Formula One Group from $44.00 to $46.00 and gave the company an equal weight rating in a report on Thursday, May 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Formula One Group has an average rating of Hold and an average target price of $48.75.

Shares of Formula One Group stock opened at $45.26 on Thursday. The stock has a market capitalization of $10.49 billion, a price-to-earnings ratio of -35.09 and a beta of 1.29. The firm’s 50-day moving average price is $45.10. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.92. Formula One Group has a twelve month low of $29.83 and a twelve month high of $48.49.

Several large investors have recently made changes to their positions in the stock. Thompson Siegel & Walmsley LLC lifted its stake in Formula One Group by 10.8% in the first quarter. Thompson Siegel & Walmsley LLC now owns 42,796 shares of the company’s stock worth $1,853,000 after purchasing an additional 4,159 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Formula One Group by 35.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 972,084 shares of the company’s stock worth $42,082,000 after purchasing an additional 255,424 shares during the last quarter. Panagora Asset Management Inc. lifted its stake in Formula One Group by 47.4% in the fourth quarter. Panagora Asset Management Inc. now owns 21,749 shares of the company’s stock worth $926,000 after purchasing an additional 6,990 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Formula One Group by 30.2% in the fourth quarter. Bank of New York Mellon Corp now owns 1,922,100 shares of the company’s stock worth $81,882,000 after purchasing an additional 445,796 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in Formula One Group by 3.4% in the fourth quarter. Bessemer Group Inc. now owns 8,107 shares of the company’s stock worth $345,000 after purchasing an additional 264 shares during the last quarter. 84.65% of the stock is owned by hedge funds and other institutional investors.

About Formula One Group

Formula One Group engages in the motorsports business. It holds commercial rights for the 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. The company was founded in 1950 and is based in Englewood, Colorado.

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