Formula One Group (NASDAQ:FWONK) CEO Sells $457,719.68 in Stock

Formula One Group (NASDAQ:FWONK – Get Rating) CEO Gregory B. Maffei sold 6,584 shares of the firm’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $69.52, for a total transaction of $457,719.68. Following the completion of the transaction, the chief executive officer now directly owns 945,653 shares in the company, valued at approximately $65,741,796.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Formula One Group Trading Down 0.6 %

Shares of NASDAQ:FWONK opened at $71.65 on Friday. Formula One Group has a 12-month low of $50.00 and a 12-month high of $76.15. The business’s fifty day simple moving average is $69.74 and its 200-day simple moving average is $63.44. The company has a market capitalization of $16.76 billion, a PE ratio of 34.78 and a beta of 1.09. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.78.

Analysts Set New Price Targets

Several brokerages have recently commented on FWONK. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research note on Friday, March 10th. Wolfe Research started coverage on shares of Formula One Group in a report on Friday, February 24th. They issued a “peer perform” rating for the company. Morgan Stanley upped their price target on shares of Formula One Group from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, March 2nd. Pivotal Research lifted their price objective on shares of Formula One Group from $70.00 to $82.00 in a report on Thursday, March 2nd. Finally, JPMorgan Chase & Co. increased their target price on Formula One Group from $75.00 to $78.00 and gave the company an “overweight” rating in a research report on Thursday, March 9th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Formula One Group presently has a consensus rating of “Hold” and a consensus target price of $72.80.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in shares of Formula One Group by 9.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,160,299 shares of the company’s stock worth $126,378,000 after purchasing an additional 182,531 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Formula One Group by 643.6% in the 1st quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock worth $10,094,000 after purchasing an additional 124,798 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Formula One Group by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 2,970,140 shares of the company’s stock worth $177,369,000 after purchasing an additional 58,281 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in shares of Formula One Group in the 4th quarter worth $2,481,000. Finally, California State Teachers Retirement System boosted its position in shares of Formula One Group by 16.1% in the 3rd quarter. California State Teachers Retirement System now owns 283,417 shares of the company’s stock worth $16,580,000 after purchasing an additional 39,355 shares in the last quarter. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

About Formula One Group

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Liberty Media Corp. engages in the operation of media, communications, and entertainment businesses. It operates through the following segments: Sirius XM Holdings, Formula 1. The Sirius XM Holdings segment refers to the complementary audio entertainment businesses, Sirius XM and Pandora. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic, weather channels, and infotainment services.