Formula One Group (NASDAQ:FWONA) Receives $90.50 Average Target Price from Analysts

Shares of Formula One Group (NASDAQ:FWONA) have earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $90.50.

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Formula One Group in a report on Monday, February 24th. They set an “underweight” rating and a $83.00 price objective on the stock. Seaport Res Ptn upgraded shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Saturday, March 15th. Susquehanna assumed coverage on shares of Formula One Group in a report on Monday, April 28th. They set a “positive” rating and a $115.00 price objective on the stock. Finally, Guggenheim reiterated a “buy” rating on shares of Formula One Group in a report on Monday, March 3rd.

Formula One Group Stock Down 1.3%

FWONA stock opened at $87.51 on Friday. The company’s fifty day simple moving average is $80.95 and its 200 day simple moving average is $83.01. Formula One Group has a 12-month low of $63.01 and a 12-month high of $95.33. The firm has a market cap of $21.83 billion, a price-to-earnings ratio of 76.10 and a beta of 0.40.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.03. The company had revenue of $400.00 million for the quarter, compared to analyst estimates of $440.80 million. Research analysts expect that Formula One Group will post 1.46 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Chase Carey sold 100,000 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $96.38, for a total value of $9,638,000.00. Following the sale, the director now owns 93,102 shares in the company, valued at $8,973,170.76. This represents a 51.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Formula One Group

A number of institutional investors and hedge funds have recently made changes to their positions in FWONA. Strs Ohio acquired a new stake in shares of Formula One Group in the 1st quarter worth about $2,232,000. Janney Montgomery Scott LLC increased its stake in Formula One Group by 74.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company’s stock valued at $1,497,000 after buying an additional 7,811 shares during the last quarter. Gabelli Funds LLC increased its stake in Formula One Group by 2.3% in the 1st quarter. Gabelli Funds LLC now owns 115,150 shares of the company’s stock valued at $9,381,000 after buying an additional 2,625 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Formula One Group by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company’s stock valued at $4,835,000 after buying an additional 1,300 shares during the last quarter. Finally, Quantbot Technologies LP increased its stake in Formula One Group by 61.6% in the 1st quarter. Quantbot Technologies LP now owns 2,404 shares of the company’s stock valued at $196,000 after buying an additional 916 shares during the last quarter. Institutional investors and hedge funds own 8.38% of the company’s stock.

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.