Short Interest in Formula One Group (NASDAQ:FWONA) Drops By 17.4%

Posted by on Jun 16th, 2022

Formula One Group (NASDAQ:FWONA – Get Rating) was the target of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 776,900 shares, a decline of 17.4% from the May 15th total of 940,600 shares. Currently, 3.5% of the company’s shares are short sold. Based on an average trading volume of 153,400 shares, the short-interest ratio is presently 5.1 days.

A number of equities analysts have recently commented on FWONA shares. Deutsche Bank Aktiengesellschaft boosted their price objective on Formula One Group from $52.00 to $55.00 in a research report on Tuesday, May 10th. Morgan Stanley raised Formula One Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $65.00 to $72.00 in a research report on Wednesday. Finally, Citigroup downgraded Formula One Group from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $61.00 to $65.00 in a research report on Sunday, April 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Formula One Group presently has a consensus rating of “Buy” and a consensus price target of $63.40.

In related news, major shareholder Gamco Investors, Inc. Et Al acquired 1,000 shares of Formula One Group stock in a transaction that occurred on Thursday, May 5th. The shares were purchased at an average cost of $26.05 per share, for a total transaction of $26,050.00. Following the acquisition, the insider now owns 17,500 shares in the company, valued at $455,875. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have bought 12,000 shares of company stock worth $328,850. Insiders own 4.83% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. raised its stake in shares of Formula One Group by 31.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,752 shares of the company’s stock worth $111,000 after purchasing an additional 419 shares during the last quarter. Metropolitan Life Insurance Co NY purchased a new stake in shares of Formula One Group during the fourth quarter worth approximately $28,000. MetLife Investment Management LLC purchased a new stake in shares of Formula One Group during the first quarter worth approximately $30,000. Strs Ohio raised its stake in shares of Formula One Group by 1.4% during the fourth quarter. Strs Ohio now owns 34,534 shares of the company’s stock worth $2,049,000 after purchasing an additional 480 shares during the last quarter. Finally, FNY Investment Advisers LLC grew its holdings in Formula One Group by 120.7% during the first quarter. FNY Investment Advisers LLC now owns 1,280 shares of the company’s stock worth $80,000 after acquiring an additional 700 shares during the period. Institutional investors and hedge funds own 9.88% of the company’s stock.

NASDAQ FWONA traded down $1.72 on Thursday, reaching $54.23. The stock had a trading volume of 7,547 shares, compared to its average volume of 158,584. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.81 and a current ratio of 0.81. Formula One Group has a 12-month low of $39.36 and a 12-month high of $64.70. The business’s 50-day moving average price is $57.87 and its 200 day moving average price is $57.27. The stock has a market cap of $12.53 billion, a P/E ratio of -72.66 and a beta of 1.20.

About Formula One Group (Get Rating)

Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the 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.

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