Formula One Group (NASDAQ:FWONA) Given Buy Rating at Benchmark

Benchmark reissued their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a report issued on Thursday,Benzinga reports. The brokerage currently has a $102.00 price objective on the stock.

FWONA has been the topic of a number of other research reports. Wells Fargo & Company began coverage on shares of Formula One Group in a research note on Monday, February 24th. They set an “underweight” rating and a $83.00 price target on the stock. Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Saturday, March 15th. Guggenheim reissued a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd. Susquehanna assumed coverage on shares of Formula One Group in a research note on Monday, April 28th. They set a “positive” rating and a $115.00 target price on the stock. Finally, Sanford C. Bernstein began coverage on shares of Formula One Group in a research report on Wednesday, June 4th. They issued a “market perform” rating and a $105.00 target price on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.25.

Formula One Group Trading Up 0.8%

Shares of NASDAQ FWONA opened at $87.90 on Thursday. The firm has a fifty day simple moving average of $82.94 and a two-hundred day simple moving average of $83.90. The firm has a market capitalization of $21.93 billion, a PE ratio of 76.44 and a beta of 0.49. Formula One Group has a 12 month low of $63.01 and a 12 month high of $95.33.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The company had revenue of $400.00 million during the quarter, compared to the consensus estimate of $440.80 million. On average, sell-side analysts predict that Formula One Group will post 1.46 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Chase Carey sold 100,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $96.38, for a total transaction of $9,638,000.00. Following the completion of the sale, the director now directly owns 93,102 shares of the company’s stock, valued at $8,973,170.76. This trade represents a 51.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.97% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its holdings in Formula One Group by 67.2% in the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after buying an additional 266 shares during the period. Quantbot Technologies LP grew its stake in Formula One Group by 61.6% during the 1st quarter. Quantbot Technologies LP now owns 2,404 shares of the company’s stock worth $196,000 after buying an additional 916 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Formula One Group by 74.0% during the first quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company’s stock valued at $1,497,000 after buying an additional 7,811 shares in the last quarter. Strs Ohio acquired a new position in shares of Formula One Group in the 1st quarter valued at $2,232,000. Finally, Bank of New York Mellon Corp lifted its stake in Formula One Group by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company’s stock worth $4,835,000 after acquiring an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 8.38% of the company’s stock.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One 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.