Formula One Group (NASDAQ:FWONK) Receives $98.14 Consensus Price Target from Brokerages

Shares of Formula One Group (NASDAQ:FWONK) have received an average rating of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $98.14.

Several research analysts have recently commented on FWONK shares. Susquehanna started coverage on Formula One Group in a report on Monday, April 28th. They issued a “positive” rating and a $115.00 target price on the stock. Wells Fargo & Company lowered 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. Rosenblatt Securities reiterated a “buy” rating and set a $102.00 price target on shares of Formula One Group in a research report on Friday, March 7th. Morgan Stanley lowered their price objective on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Finally, StockNews.com upgraded shares of Formula One Group to a “sell” rating in a research report on Friday, May 2nd.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GW&K Investment Management LLC bought a new stake in shares of Formula One Group in the 1st quarter valued at $25,000. Janney Montgomery Scott LLC increased its holdings in shares of Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares in the last quarter. HighPoint Advisor Group LLC raised its position in shares of Formula One Group by 22.3% during the first quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company’s stock worth $382,000 after purchasing an additional 779 shares during the period. Praxis Investment Management Inc. lifted its holdings in shares of Formula One Group by 10.7% during the 1st quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company’s stock valued at $888,000 after purchasing an additional 950 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after purchasing an additional 2,013 shares during the period. Institutional investors own 92.26% of the company’s stock.

Formula One Group Price Performance

Shares of FWONK stock opened at $95.34 on Friday. The stock’s fifty day simple moving average is $86.43 and its 200 day simple moving average is $89.42. Formula One Group has a one year low of $68.43 and a one year high of $102.33. The firm has a market cap of $23.76 billion, a price-to-earnings ratio of 82.91 and a beta of 0.33.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.23. The firm had revenue of $447.00 million during the quarter, compared to the consensus estimate of $440.80 million. On average, research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current year.

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.