Formula One Group (NASDAQ:FWONK) Reaches New 12-Month High – Here’s What Happened

Shares of Formula One Group (NASDAQ:FWONK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $82.68 and last traded at $82.67, with a volume of 1403 shares changing hands. The stock had previously closed at $81.40.

Analyst Ratings Changes

Several equities analysts recently issued reports on FWONK shares. StockNews.com raised shares of Formula One Group to a “sell” rating in a research note on Wednesday, October 30th. UBS Group started coverage on shares of Formula One Group in a research note on Thursday, October 17th. They set a “neutral” rating and a $85.00 price objective on the stock. Finally, Morgan Stanley upped 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 research note on Monday, September 23rd.

Formula One Group Stock Up 1.6 %

The company has a market cap of $17.35 billion, a PE ratio of 78.46 and a beta of 0.01. The stock’s 50 day simple moving average is $77.97 and its two-hundred day simple moving average is $75.41.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The business had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. Analysts forecast that Formula One Group will post 1.01 EPS for the current year.

Insider Activity at Formula One Group

In other Formula One Group news, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Renee L. Wilm sold 19,202 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was 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 owns 5,274 shares in the company, valued at approximately $250,040.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 30,817 shares of company stock valued at $2,327,591.

Institutional Trading of Formula One Group

Several hedge funds have recently bought and sold shares of FWONK. Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group during the 2nd quarter worth about $48,000. Lountzis Asset Management LLC grew its stake in shares of 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 purchasing an additional 864 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Formula One Group by 13.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after purchasing an additional 2,514 shares during the last quarter. Finally, Hahn Capital Management LLC grew its stake in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares during the last quarter. 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.