Short Interest in Formula One Group (NASDAQ:FWONK) Decreases By 14.6%

Formula One Group (NASDAQ:FWONKGet Rating) saw a large drop in short interest in the month of December. As of December 30th, there was short interest totalling 7,270,000 shares, a drop of 14.6% from the December 15th total of 8,510,000 shares. Based on an average daily volume of 1,010,000 shares, the days-to-cover ratio is presently 7.2 days. Currently, 3.7% of the company’s shares are short sold.

Insider Transactions at Formula One Group

In other Formula One Group news, major shareholder Gamco Investors, Inc. Et Al bought 800 shares of the business’s stock in a transaction dated Friday, December 23rd. The shares were acquired at an average price of $32.58 per share, with a total value of $26,064.00. Following the purchase, the insider now owns 12,800 shares in the company, valued at approximately $417,024. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, major shareholder Gamco Investors, Inc. Et Al bought 800 shares of the firm’s stock in a transaction dated Friday, December 23rd. The stock was bought at an average price of $32.58 per share, with a total value of $26,064.00. Following the completion of the transaction, the insider now directly owns 12,800 shares of the company’s stock, valued at $417,024. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Brian J. Wendling sold 1,370 shares of the firm’s stock in a transaction dated Wednesday, January 11th. The shares were sold at an average price of $35.00, for a total value of $47,950.00. Following the sale, the chief accounting officer now owns 14,871 shares in the company, valued at $520,485. The disclosure for this sale can be found here. In the last three months, insiders have bought 8,200 shares of company stock worth $267,200 and have sold 28,335 shares worth $1,286,901. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. James Investment Research Inc. boosted its holdings in shares of Formula One Group by 209.8% in the 2nd quarter. James Investment Research Inc. now owns 539 shares of the company’s stock valued at $34,000 after buying an additional 365 shares during the period. US Bancorp DE lifted its holdings in Formula One Group by 421.2% in the second quarter. US Bancorp DE now owns 1,449 shares of the company’s stock worth $92,000 after acquiring an additional 1,171 shares during the last quarter. MetLife Investment Management LLC acquired a new position in Formula One Group in the first quarter valued at approximately $277,000. Brown Brothers Harriman & Co. grew its holdings in shares of Formula One Group by 20.0% during the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after purchasing an additional 696 shares during the last quarter. Finally, Tobam raised its position in shares of Formula One Group by 739.6% during the 2nd quarter. Tobam now owns 7,061 shares of the company’s stock worth $448,000 after purchasing an additional 6,220 shares during the period. Institutional investors own 87.86% of the company’s stock.

Analysts Set New Price Targets

FWONK has been the subject of a number of recent analyst reports. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Friday, November 25th. Rosenblatt Securities lowered their target price on Formula One Group from $76.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, November 7th. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Formula One Group presently has a consensus rating of “Hold” and an average target price of $70.60.

Formula One Group Price Performance

FWONK opened at $70.09 on Friday. The company has a market capitalization of $16.39 billion, a P/E ratio of -539.15 and a beta of 1.08. The company has a 50-day moving average of $60.93 and a 200-day moving average of $61.89. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.95 and a current ratio of 0.95. Formula One Group has a 1-year low of $50.00 and a 1-year high of $71.17.

Formula One Group (NASDAQ:FWONKGet Rating) last posted its quarterly earnings results on Friday, November 4th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.15. The business had revenue of $715.00 million during the quarter, compared to the consensus estimate of $733.55 million. Formula One Group had a return on equity of 0.19% and a net margin of 1.34%. Equities analysts expect that Formula One Group will post 0.87 EPS for the current fiscal year.

Formula One Group Company Profile

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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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