Formula One Group (NASDAQ:FWONK) Sets New 1-Year High – Still a Buy?

Formula One Group (NASDAQ:FWONK) shares hit a new 52-week high on Monday . The stock traded as high as $86.67 and last traded at $86.44, with a volume of 266268 shares trading hands. The stock had previously closed at $84.17.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Morgan Stanley upped their price target 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 lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. UBS Group began coverage on Formula One Group in a report on Thursday, October 17th. They issued a “neutral” rating and a $85.00 price target on the stock. Finally, Rosenblatt Securities boosted their price objective on Formula One Group from $91.00 to $93.00 and gave the company a “buy” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $88.25.

Formula One Group Stock Performance

The firm has a market capitalization of $19.54 billion, a P/E ratio of 73.19 and a beta of 0.01. The stock’s 50 day simple moving average is $79.55 and its 200 day simple moving average is $76.55.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The firm had revenue of $848.00 million for the quarter, compared to analysts’ expectations of $837.59 million. On average, analysts anticipate that Formula One Group will post 1.24 earnings per share for the current year.

Insider Transactions at Formula One Group

In other news, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $78.78, for a total value of $1,512,733.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 1,094 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $69.57, for a total value of $76,109.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,911 shares of company stock valued at $2,403,701.

Hedge Funds Weigh In On Formula One Group

A number of large investors have recently added to or reduced their stakes in the company. Hahn Capital Management LLC raised 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 worth $4,929,000 after buying an additional 17,219 shares during the last quarter. Greenwood Gearhart Inc. lifted its position in Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after acquiring an additional 13,146 shares during the period. Janney Montgomery Scott LLC grew its stake in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company’s stock valued at $2,117,000 after purchasing an additional 3,958 shares during the last quarter. Lountzis Asset Management LLC increased its holdings in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company’s stock valued at $461,000 after purchasing an additional 864 shares during the period. Finally, Beach Investment Counsel Inc. PA purchased a new position in shares of Formula One Group in the second quarter worth about $48,000. 92.26% of the stock is currently owned by institutional investors.

About Formula One Group

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.