Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) Stock Price Up 5.7% Following Analyst Upgrade

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK)’s stock price rose 5.7% on Friday after Wells Fargo & Company upgraded the stock from an underweight rating to an equal weight rating. Wells Fargo & Company now has a $95.00 price target on the stock, up from their previous price target of $93.00. Liberty Media Corporation – Liberty Formula One Series C traded as high as $91.57 and last traded at $91.45. Approximately 600,557 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 1,968,208 shares. The stock had previously closed at $86.54.

A number of other research analysts have also weighed in on FWONK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Liberty Media Corporation – Liberty Formula One Series C in a research note on Monday, December 29th. Sanford C. Bernstein upgraded shares of Liberty Media Corporation – Liberty Formula One Series C from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $110.00 to $111.00 in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. lifted their price target on Liberty Media Corporation – Liberty Formula One Series C from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Liberty Media Corporation – Liberty Formula One Series C has an average rating of “Moderate Buy” and a consensus target price of $112.56.

Insiders Place Their Bets

In other Liberty Media Corporation – Liberty Formula One Series C news, Director Chase Carey sold 83,536 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $96.95, for a total value of $8,098,815.20. Following the completion of the sale, the director directly owned 94,356 shares of the company’s stock, valued at approximately $9,147,814.20. This represents a 46.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 4.31% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FWONK. Envestnet Asset Management Inc. increased its stake in shares of Liberty Media Corporation – Liberty Formula One Series C by 0.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 410,337 shares of the company’s stock worth $42,880,000 after purchasing an additional 1,057 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in Liberty Media Corporation – Liberty Formula One Series C by 4.1% during the second quarter. Teacher Retirement System of Texas now owns 32,146 shares of the company’s stock valued at $3,359,000 after purchasing an additional 1,275 shares during the period. Assetmark Inc. increased its position in Liberty Media Corporation – Liberty Formula One Series C by 199.4% in the second quarter. Assetmark Inc. now owns 500 shares of the company’s stock worth $52,000 after buying an additional 333 shares during the last quarter. Amalgamated Bank raised its stake in shares of Liberty Media Corporation – Liberty Formula One Series C by 9.5% in the second quarter. Amalgamated Bank now owns 13,497 shares of the company’s stock valued at $1,410,000 after buying an additional 1,174 shares during the period. Finally, Strs Ohio lifted its position in shares of Liberty Media Corporation – Liberty Formula One Series C by 2.4% during the 2nd quarter. Strs Ohio now owns 26,965 shares of the company’s stock valued at $2,818,000 after buying an additional 637 shares during the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

Liberty Media Corporation – Liberty Formula One Series C Trading Up 5.8%

The stock has a market cap of $22.90 billion, a PE ratio of 41.63 and a beta of 0.48. The business has a 50-day moving average price of $90.41 and a 200 day moving average price of $96.28.

Liberty Media Corporation – Liberty Formula One Series C Company Profile

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ: FWONK) is a tracking stock that represents Liberty Media’s economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world’s largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.