Formula 1 Group (NASDAQ: FWONK) Receives Consensus Rating of “Hold” by Analysts
Formula One Group Shares (NASDAQ:FWONK – Get a rating) have been given an average rating of “Hold” by the seven brokerages that currently cover the stock, Market Beat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned the company a buy rating. The 1-year average target price among analysts who have covered the stock over the past year is $60.33.
FWONK has been the subject of several research reports. Rosenblatt Securities launched coverage on Formula One Group in a research report on Monday, April 25. They issued a “buy” rating and a target price of $81.00 on the stock. StockNews.com launched coverage on Formula One Group in a research report on Thursday, March 31. They issued a “holding” rating on the stock. Finally, JPMorgan Chase & Co. raised its price target on Formula One Group from $65.00 to $77.00 in a Thursday, April 21 research report.
Separately, major shareholder Gamco Investors, Inc. Et Al acquired 5,000 shares of the company in a transaction dated Wednesday, April 20. The shares were purchased at an average price of $28.02 per share, with a total value of $140,100.00. Following the completion of the purchase, the insider now directly owns 5,000 shares of the company, valued at $140,100. The purchase was disclosed in a document filed with the SEC, accessible via the SEC website. Insiders bought 12,000 shares of the company worth $328,850 in the past ninety days.
A number of institutional investors and hedge funds have recently changed their holdings of FWONK. The New York State Common Retirement Fund increased its stake in Formula One Group by 141.8% during the 4th quarter. The New York State Common Retirement Fund now owns 585,019 shares of the company valued at $36,997,000 after purchasing an additional 343,061 shares during the period. Bank of New York Mellon Corp increased its stake in Formula One Group by 10.3% in the first quarter. Bank of New York Mellon Corp now owns 2,104,684 shares of the company worth $146,990,000 after acquiring an additional 196,954 shares in the last quarter. Geode Capital Management LLC increased its stake in Formula One Group by 5.8% in the 4th quarter. Geode Capital Management LLC now owns 2,766,232 shares of the company worth $174,690,000 after acquiring an additional 151,376 shares in the last quarter. Neuberger Berman Group LLC increased its stake in Formula One Group by 643.6% in the 1st quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company worth $10,094,000 after acquiring an additional 124,798 shares in the last quarter. Finally, NewSquare Capital LLC purchased a new stake in Formula One Group in Q1 for a value of approximately $4,237,000. 89.48% of the shares are currently held by institutional investors.
Formula 1 Group Actions opened at $59.72 on Friday. The company has a debt ratio of 0.92, a current ratio of 0.81 and a quick ratio of 0.81. Formula One Group has a one-year minimum of $44.12 and a one-year maximum of $71.17. The stock has a market capitalization of $13.80 billion, a PE ratio of -77.56 and a beta of 1.23. The company’s 50-day moving average is $63.82 and its 200-day moving average is $62.30.
About the Formula 1 Group (Get a rating)
Formula One Group is active in the motorsport sector in the United States and internationally. It owns the commercial rights to the World Championship, a roughly nine-month motor racing-based competition in which teams compete for the constructors’ championship and drivers compete for the drivers’ championship.
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