Formula One Group (NASDAQ:FWONK) Given Consensus Recommendation of “Hold” by Analysts

Posted by on Jun 17th, 2022

Formula One Group (NASDAQ:FWONK – Get Rating) has earned an average recommendation of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $62.67.

Several analysts have issued reports on FWONK shares. Morgan Stanley upgraded 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 report on Wednesday. Rosenblatt Securities started coverage on Formula One Group in a report on Monday, April 25th. They issued a “buy” rating and a $81.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Formula One Group from $65.00 to $77.00 in a report on Thursday, April 21st. Finally, StockNews.com started coverage on Formula One Group in a report on Thursday, March 31st. They issued a “hold” rating on the stock.

NASDAQ FWONK opened at $59.42 on Friday. The stock’s 50-day moving average price is $63.20 and its two-hundred day moving average price is $62.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.92. The company has a market cap of $13.73 billion, a PE ratio of -77.17 and a beta of 1.23. Formula One Group has a 1 year low of $44.12 and a 1 year high of $71.17.

In related news, major shareholder Gamco Investors, Inc. Et Al bought 5,000 shares of the firm’s stock in a transaction on Tuesday, April 12th. The stock was purchased at an average price of $27.12 per share, with a total value of $135,600.00. Following the completion of the transaction, the insider now directly owns 40,000 shares of the company’s stock, valued at $1,084,800. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have acquired 12,000 shares of company stock valued at $328,850 in the last ninety days.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lindbrook Capital LLC lifted its position in Formula One Group by 222.0% in the fourth quarter. Lindbrook Capital LLC now owns 409 shares of the company’s stock worth $26,000 after purchasing an additional 282 shares during the period. James Investment Research Inc. bought a new position in Formula One Group in the fourth quarter worth $37,000. Verity Asset Management Inc. bought a new position in Formula One Group in the fourth quarter worth $241,000. Metropolitan Life Insurance Co NY bought a new position in Formula One Group in the fourth quarter worth $250,000. Finally, MetLife Investment Management LLC bought a new position in Formula One Group in the first quarter worth $277,000. 89.48% of the stock is owned by institutional investors.

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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Analyst Recommendations for Formula One Group (NASDAQ:FWONK)

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