Formula One Group (NASDAQ:FWONA – Get Free Report) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 318,900 shares, a decrease of 11.6% from the August 15th total of 360,700 shares. Currently, 1.4% of the company’s shares are short sold. Based on an average trading volume of 149,000 shares, the short-interest ratio is presently 2.1 days.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on FWONA. TD Cowen began coverage on Formula One Group in a research note on Monday, June 5th. They issued an “outperform” rating and a $90.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on Formula One Group from $60.00 to $70.00 in a report on Thursday, June 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $77.00 price objective on shares of Formula One Group in a report on Tuesday, August 8th.
Insider Buying and Selling
Institutional Trading of Formula One Group
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in Formula One Group by 5.2% in the 1st quarter. Geode Capital Management LLC now owns 272,763 shares of the company’s stock worth $18,412,000 after acquiring an additional 13,483 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Formula One Group by 0.3% during the 1st quarter. Bank of New York Mellon Corp now owns 72,448 shares of the company’s stock valued at $4,890,000 after buying an additional 228 shares during the period. Lawson Kroeker Investment Management Inc. NE purchased a new stake in shares of Formula One Group during the 1st quarter valued at $2,711,000. Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 204.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 12,308 shares of the company’s stock valued at $832,000 after buying an additional 8,265 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Formula One Group during the 1st quarter valued at $394,000. 0.03% of the stock is owned by hedge funds and other institutional investors.
Formula One Group Stock Up 3.1 %
FWONA stock traded up $1.83 during midday trading on Monday, hitting $60.86. The stock had a trading volume of 49,456 shares, compared to its average volume of 147,825. Formula One Group has a 12-month low of $55.90 and a 12-month high of $69.48. The company’s 50-day moving average price is $62.14 and its 200 day moving average price is $64.66.
About Formula One Group
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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