JPMorgan Chase & Co. raises Formula 1 (NASDAQ: FWONK) group price target to $65.00

Formula 1 Group (NASDAQ: FWONK) saw its price target raised by research analysts to JPMorgan Chase & Co. from $60.00 to $65.00 in a research note published Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.The company’s price target would indicate a potential upside of 5.06% from the company’s previous close.

FWONK has been the subject of a number of other reports. Morgan Stanley raised its price target on Formula One Group shares from $55.00 to $58.00 and gave the company an “equal weight” rating in a research report Wednesday, Jan. 26. Zacks Investment Research downgraded Formula One Group from a “strong buy” rating to a “hold” rating in a Wednesday, November 3, research note. One research analyst rated the stock with a sell rating, three gave the stock a hold rating and two gave the stock a buy rating. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $55.83.

FWONK opened at $61.87 on Wednesday. The company’s 50-day moving average is $61.57 and its 200-day moving average is $56.77. The company has a debt ratio of 0.82, a quick ratio of 0.74 and a current ratio of 0.74. Formula One Group has a 1 year minimum of $42.17 and a 1 year maximum of $65.24.

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Several hedge funds have recently increased or reduced their holdings in FWONK. First Trust Advisors LP increased its position in Formula One Group shares by 38.0% during the first quarter. First Trust Advisors LP now owns 86,656 shares of the company worth $3,037,000 after buying an additional 23,853 shares last quarter. Metropolitan Life Insurance Co NY acquired a new position in shares of Formula One Group in Q2 worth approximately $198,000. Hahn Capital Management LLC increased its stake in Formula One Group by 5.7% during the 2nd quarter. Hahn Capital Management LLC now owns 152,545 shares of the company valued at $7,354,000 after purchasing an additional 8,230 shares last quarter. Symmetry Partners LLC bought a new stake in shares of Formula One Group in Q3 worth $208,000. Finally, New York State Common Retirement Fund increased its holdings of Formula One Group shares by 1.8% in the third quarter. The New York State Common Retirement Fund now owns 241,958 shares of the company worth $12,439,000 after buying 4,227 additional shares in the last quarter. 84.64% of the shares are held by institutional investors and hedge funds.

About the Formula 1 Group

Liberty Media Corp. operates media, communications and entertainment businesses. It operates through the following segments: Sirius XM Holdings, Formula 1 and Corporate and others. The Sirius XM Holdings segment refers to the complementary audio entertainment businesses, Sirius XM and Pandora.

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