Benchmark Reaffirms Buy Rating for Formula One Group (NASDAQ:FWONA)

Formula One Group (NASDAQ:FWONA)‘s stock had its “buy” rating restated by research analysts at Benchmark in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $102.00 price target on the stock. Benchmark’s price target indicates a potential upside of 17.20% from the company’s previous close.

Several other equities research analysts have also recently commented on FWONA. Sanford C. Bernstein began coverage on shares of Formula One Group in a research report on Wednesday, June 4th. They issued a “market perform” rating and a $105.00 price target on the stock. Wells Fargo & Company assumed coverage on Formula One Group in a research note on Monday, February 24th. They set an “underweight” rating and a $83.00 target price on the stock. Guggenheim reaffirmed a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd. Susquehanna assumed coverage on Formula One Group in a research note on Monday, April 28th. They set a “positive” rating and a $115.00 target price on the stock. Finally, Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Formula One Group currently has an average rating of “Moderate Buy” and a consensus target price of $101.25.

Formula One Group Stock Down 1.0%

Shares of NASDAQ:FWONA opened at $87.03 on Thursday. Formula One Group has a 52-week low of $63.01 and a 52-week high of $95.33. The company has a 50 day moving average of $83.25 and a two-hundred day moving average of $83.94. The company has a market capitalization of $21.71 billion, a price-to-earnings ratio of 75.68 and a beta of 0.49.

Formula One Group (NASDAQ:FWONA) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The company had revenue of $400.00 million for the quarter, compared to analyst estimates of $440.80 million. On average, equities analysts anticipate that Formula One Group will post 1.46 earnings per share for the current year.

Insider Activity at Formula One Group

In other news, Director Chase Carey sold 100,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $96.38, for a total transaction of $9,638,000.00. Following the sale, the director now owns 93,102 shares in the company, valued at approximately $8,973,170.76. This represents a 51.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its stake in shares of Formula One Group by 67.2% during the fourth quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock valued at $56,000 after acquiring an additional 266 shares during the period. Quantbot Technologies LP lifted its stake in shares of Formula One Group by 61.6% during the first quarter. Quantbot Technologies LP now owns 2,404 shares of the company’s stock valued at $196,000 after acquiring an additional 916 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group by 74.0% during the first quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company’s stock valued at $1,497,000 after acquiring an additional 7,811 shares during the period. Strs Ohio acquired a new position in shares of Formula One Group during the first quarter valued at $2,232,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Formula One Group by 2.2% during the first quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company’s stock valued at $4,835,000 after acquiring an additional 1,300 shares during the period. Institutional investors and hedge funds own 8.38% of the company’s stock.

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.