Formula One Group (NASDAQ:FWONK) Stock Price Up 1.9% – Still a Buy?

Formula One Group (NASDAQ:FWONK)’s share price was up 1.9% during trading on Tuesday . The company traded as high as $79.83 and last traded at $79.95. Approximately 77,659 shares changed hands during trading, a decline of 94% from the average daily volume of 1,245,346 shares. The stock had previously closed at $78.49.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FWONK shares. Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Wells Fargo & Company cut their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. StockNews.com raised Formula One Group to a “sell” rating in a report on Tuesday, April 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.33.

Formula One Group Price Performance

The company has a market capitalization of $19.94 billion, a PE ratio of 69.57 and a beta of 0.32. The stock has a 50-day simple moving average of $90.06 and a 200 day simple moving average of $88.20.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analyst estimates of $1.37 billion. As a group, research analysts predict that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc increased its position in Formula One Group by 1,378.8% during the first quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock worth $194,000 after buying an additional 2,013 shares in the last quarter. Allstate Corp purchased a new stake in Formula One Group during the 4th quarter worth about $571,000. Everence Capital Management Inc. acquired a new position in Formula One Group in the 4th quarter valued at about $827,000. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after purchasing an additional 287 shares in the last quarter. Finally, Hahn Capital Management LLC lifted its holdings in Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares in the last quarter. Hedge funds and other 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.