Formula One Group (NASDAQ:FWONK) upgraded to Hold by StockNews.com

Formula 1 Group (NASDAQ: FWONK – Get an assessment) has been updated by analysts from StockNews.com from a “sell” rating to a “hold” rating in a research report released Thursday.

Several other equity research analysts have also recently weighed in on the stock. Barclays raised its price target on Formula One Group shares from $50.00 to $56.00 and gave the company an “underweight” rating in a Monday August 8 research report. Pivotal Research raised its price target on Formula One Group from $75.00 to $77.00 in a Monday August 8 research note. Finally, Morgan Stanley raised its price target on Formula One Group from $72.00 to $75.00 and gave the company an “overweight” rating in a Tuesday, August 9 research report. One analyst has assigned the stock a sell rating, one has assigned a hold rating and four have assigned the stock a buy rating. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.20.

Formula 1 Group Price Performance

FWONK traded down $0.03 during Thursday’s trading, hitting $63.71. The stock had a trading volume of 702,279 shares, compared to an average volume of 1,227,678. The company has a 50-day moving average of $64.71 and a 200-day moving average of $63.44 . Formula One Group has a one-year minimum of $48.51 and a one-year maximum of $71.17. The company has a debt ratio of 0.92, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $14.84 billion, a PE ratio of -96.53 and a beta of 1.14.

Formula 1 Group (NASDAQ: FWONK – Get an assessment) last reported quarterly earnings data on Friday, August 5. The company reported earnings per share of $0.35 for the quarter, beating analyst consensus estimates of $0.15 by $0.20. Formula One Group recorded a negative net margin of 4.81% and a negative return on equity of 0.67%. The company posted revenue of $744.00 million in the quarter, versus analyst estimates of $685.34 million. As a group, equity research analysts expect Formula One Group to post EPS of 0.38 for the current financial year.

Insider Trading at Formula One Group

In other news, major shareholder Gamco Investors, Inc. Et Al purchased 1,000 shares of the company in a transaction on Tuesday, August 23. The shares were acquired at an average cost of $28.94 per share, with a total value of $28,940.00. Following the completion of the acquisition, the insider now owns 1,000 shares of the company, valued at $28,940. The transaction was disclosed in an SEC filing, which is available via this hyperlink. Insiders purchased a total of 4,600 shares of the company worth $123,976 during the last quarter.

Formula One Group Institutional Trading

A number of institutional investors have recently changed their positions in the stock. Geode Capital Management LLC increased its stake in Formula One Group by 5.8% in the fourth quarter. Geode Capital Management LLC now owns 2,766,232 shares of the company valued at $174,690,000 after acquiring an additional 151,376 shares during the period. Bank of New York Mellon Corp increased its equity stake in Formula One Group by 10.3% in Q1. Bank of New York Mellon Corp now owns 2,104,684 shares of the company worth $146,990,000 after purchasing an additional 196,954 shares during the period. The New York State Common Retirement Fund increased its equity stake in Formula One Group by 22.0% in Q1. The New York State Common Retirement Fund now owns 713,889 shares of the company worth $49,858,000 after purchasing an additional 128,870 shares during the period. UBS Asset Management Americas Inc. increased its holdings of Formula One Group shares by 0.4% in the second quarter. UBS Asset Management Americas Inc. now owns 550,676 shares of the company worth $34,951,000 after buying 2,117 additional shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in Formula One Group by 4.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 541,284 shares of the company valued at $34,355,000 after purchasing an additional 22,241 shares during the period. Hedge funds and other institutional investors hold 90.36% of the company’s shares.

Formula 1 Group Company Profile

(Get an assessment)

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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Analyst Recommendations for Formula One Group (NASDAQ: FWONK)

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