Formula One Group (NASDAQ:FWONK) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Formula One Group (NASDAQ:FWONK) from an equal weight rating to an overweight rating in a research note released on Wednesday morning, MarketBeat Ratings reports. Morgan Stanley currently has $115.00 price objective on the stock, up from their prior price objective of $95.00.

Several other equities analysts have also recently issued reports on the company. Rosenblatt Securities lifted their price objective on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Monday, November 18th. UBS Group initiated coverage on shares of Formula One Group in a report on Thursday, October 17th. They set a “neutral” rating and a $85.00 price target for the company. Finally, Seaport Res Ptn lowered shares of Formula One Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.75.

Formula One Group Stock Down 2.4 %

Shares of NASDAQ FWONK opened at $92.58 on Wednesday. The business’s 50 day moving average is $84.70 and its two-hundred day moving average is $79.02. Formula One Group has a 52-week low of $61.44 and a 52-week high of $96.89. The firm has a market cap of $20.58 billion, a price-to-earnings ratio of 80.51 and a beta of 0.18.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million during the quarter, compared to analyst estimates of $837.59 million. Analysts anticipate that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO Gregory B. Maffei sold 35,463 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $71.53, for a total value of $2,536,668.39. Following the completion of the sale, the chief executive officer now owns 1,240,785 shares in the company, valued at approximately $88,753,351.05. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,374 shares of company stock valued at $4,940,369. Insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

A number of institutional investors have recently modified their holdings of FWONK. MetLife Investment Management LLC boosted its holdings in Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after buying an additional 203 shares in the last quarter. Lountzis Asset Management LLC boosted its stake in shares of Formula One Group by 17.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock worth $2,117,000 after acquiring an additional 3,958 shares in the last quarter. Greenwood Gearhart Inc. grew its holdings in shares of Formula One Group by 8.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares during the period. Finally, Hahn Capital Management LLC increased its stake in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

About Formula One Group

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.