Formula One Group (NASDAQ:FWONK) Price Target Raised to $107.00

Formula One Group (NASDAQ:FWONK) had its price target boosted by Rosenblatt Securities from $102.00 to $107.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

FWONK has been the topic of several other research reports. Wells Fargo & Company decreased their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Wall Street Zen cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Susquehanna began coverage on Formula One Group in a research note on Monday, April 28th. They issued a “positive” rating and a $115.00 price target for the company. Morgan Stanley cut their price target on Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. boosted their price target on Formula One Group from $105.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Formula One Group has an average rating of “Hold” and a consensus price target of $100.83.

Formula One Group Trading Up 1.0%

Formula One Group stock opened at $98.98 on Wednesday. Formula One Group has a 12 month low of $70.31 and a 12 month high of $102.33. The stock’s 50 day moving average is $89.92 and its 200-day moving average is $91.51. The company has a market capitalization of $24.69 billion, a price-to-earnings ratio of 86.07 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 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.23. The firm had revenue of $447.00 million during the quarter, compared to analyst estimates of $440.80 million. As a group, equities research analysts predict that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Chase Carey sold 50,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $94.60, for a total value of $4,730,000.00. Following the completion of the sale, the director now directly owns 93,102 shares in the company, valued at $8,807,449.20. This represents a 34.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.31% of the stock is owned by corporate insiders.

Institutional Trading of Formula One Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. GW&K Investment Management LLC acquired a new position in shares of Formula One Group in the 1st quarter valued at about $25,000. HighPoint Advisor Group LLC lifted its stake in shares of Formula One Group by 22.3% in the 1st quarter. HighPoint Advisor Group LLC now owns 4,278 shares of the company’s stock valued at $382,000 after purchasing an additional 779 shares during the period. Praxis Investment Management Inc. lifted its stake in shares of Formula One Group by 10.7% in 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 during the period. Versant Capital Management Inc lifted its stake 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. Finally, Allstate Corp lifted its stake in shares of Formula One Group by 33.8% in the 1st quarter. Allstate Corp now owns 8,253 shares of the company’s stock valued at $743,000 after purchasing an additional 2,087 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.