Formula One Group (NASDAQ:FWONK) Announces Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Formula One Group (NASDAQ:FWONK) issued its quarterly earnings results on Tuesday. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18, reports. The business had revenue of $848.00 million during the quarter, compared to analysts’ expectations of $837.59 million.

Formula One Group Stock Performance

NASDAQ FWONK opened at $85.59 on Thursday. The stock has a 50 day moving average price of $78.51 and a 200-day moving average price of $75.91. Formula One Group has a one year low of $61.23 and a one year high of $85.65. The company has a market capitalization of $17.96 billion, a P/E ratio of 74.43 and a beta of 0.01.

Analyst Upgrades and Downgrades

FWONK has been the subject of several research analyst reports. Rosenblatt Securities increased their target price on Formula One Group from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Morgan Stanley increased their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. StockNews.com raised shares of Formula One Group to a “sell” rating in a report on Friday, November 8th. Finally, UBS Group started coverage on shares of Formula One Group in a research report on Thursday, October 17th. They set a “neutral” rating and a $85.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $88.25.

Insider Buying and Selling

In related news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Formula One Group news, Director Andrea L. Wong sold 1,604 shares of Formula One Group stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, the director now directly owns 5,274 shares of the company’s stock, valued at $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,817 shares of company stock worth $2,327,591. Insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Beach Investment Counsel Inc. PA purchased a new position in Formula One Group in the 2nd quarter worth about $48,000. Lountzis Asset Management LLC grew its stake in Formula One Group by 17.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock worth $461,000 after acquiring an additional 864 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Formula One Group by 3.0% during the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares in the last quarter. Finally, Hahn Capital Management LLC boosted its holdings in shares of Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after purchasing an additional 17,219 shares during the period. Hedge funds and other institutional investors own 92.26% 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.