Formula One Group (NASDAQ:FWONK) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Formula One Group (NASDAQ:FWONK) have been assigned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $98.14.

Several research analysts have recently weighed in on FWONK shares. Rosenblatt Securities restated a “buy” rating and set a $102.00 target price on shares of Formula One Group in a report on Friday, March 7th. JPMorgan Chase & Co. boosted their price objective on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, March 6th. Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Sunday, March 16th. Morgan Stanley lowered their price target on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, Susquehanna began coverage on shares of Formula One Group in a research report on Monday, April 28th. They set a “positive” rating and a $115.00 price objective for the company.

Formula One Group Stock Performance

Shares of FWONK stock opened at $91.40 on Friday. Formula One Group has a fifty-two week low of $68.43 and a fifty-two week high of $102.33. The stock’s fifty day moving average is $86.47 and its two-hundred day moving average is $88.95. The firm has a market capitalization of $22.78 billion, a P/E ratio of 79.48 and a beta of 0.33.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, equities analysts forecast that Formula One Group will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

Several large investors have recently made changes to their positions in FWONK. Hahn Capital Management LLC raised its position in Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after purchasing an additional 21,699 shares during the period. Everence Capital Management Inc. purchased a new stake in shares of Formula One Group in the 4th quarter valued at $827,000. California State Teachers Retirement System lifted its stake in Formula One Group by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 350,938 shares of the company’s stock worth $32,518,000 after acquiring an additional 6,297 shares in the last quarter. Allstate Corp purchased a new position in Formula One Group during the 4th quarter valued at about $571,000. Finally, Public Employees Retirement System of Ohio grew its position in Formula One Group by 1.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock valued at $37,529,000 after acquiring an additional 4,897 shares in the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.