Liberty Media Formula One Series C (FWONK) Downgraded by Zacks Investment Research

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

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 equities research analysts have also commented on the company. Goldman Sachs Group began 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 price objective for the company. ValuEngine upgraded Liberty Media Formula One Series C from a hold rating to a buy rating in a research report on Friday, December 7th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Liberty Media Formula One Series C presently has a consensus rating of Hold and a consensus price target of $37.00.

Shares of FWONK opened at $32.04 on Friday. The stock has a market capitalization of $7.40 billion, a P/E ratio of 26.48 and a beta of 1.12. Liberty Media Formula One Series C has a 1-year low of $27.51 and a 1-year high of $39.35.

Liberty Media Formula One Series C (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, November 8th. The company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.10. The company had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $635.69 million. As a group, analysts expect that Liberty Media Formula One Series C will post -0.26 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in FWONK. Quantbot Technologies LP acquired a new stake in Liberty Media Formula One Series C during the 3rd quarter worth about $136,000. Bank of Montreal Can boosted its position in Liberty Media Formula One Series C by 133.2% during the 3rd quarter. Bank of Montreal Can now owns 4,510 shares of the company’s stock worth $168,000 after acquiring an additional 2,576 shares during the period. Cerebellum GP LLC acquired a new stake in Liberty Media Formula One Series C during the 3rd quarter worth about $178,000. Tower Research Capital LLC TRC lifted its holdings in shares of Liberty Media Formula One Series C by 1,038.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,485 shares of the company’s stock valued at $204,000 after buying an additional 5,003 shares during the last quarter. Finally, Vident Investment Advisory LLC acquired a new stake in shares of Liberty Media Formula One Series C during the 2nd quarter valued at about $205,000. Hedge funds and other institutional investors own 86.52% 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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