Formula One Group (NASDAQ:FWONA) Receives $90.50 Average Price Target from Analysts

Formula One Group (NASDAQ:FWONA) has received an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $90.50.

A number of research analysts recently weighed in on FWONA shares. Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 15th. Guggenheim reissued a “buy” rating on shares of Formula One Group in a research note on Monday, March 3rd. Susquehanna began coverage on shares of Formula One Group in a research note on Monday. They issued a “positive” rating and a $115.00 target price on the stock. Finally, Wells Fargo & Company began coverage on shares of Formula One Group in a research note on Monday, February 24th. They issued an “underweight” rating and a $83.00 target price on the stock.

Formula One Group Trading Up 1.8 %

Shares of Formula One Group stock opened at $81.97 on Tuesday. The firm has a market capitalization of $20.43 billion, a PE ratio of 71.28 and a beta of 0.39. Formula One Group has a twelve month low of $61.27 and a twelve month high of $95.33. The firm’s 50-day moving average price is $78.89 and its 200 day moving average price is $81.28.

Formula One Group (NASDAQ:FWONA) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($1.46). The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, sell-side analysts predict that Formula One Group will post 1.46 EPS for the current fiscal year.

Institutional Trading of Formula One Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Formula One Group by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 59,343 shares of the company’s stock worth $4,835,000 after buying an additional 1,300 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Formula One Group by 74.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 18,372 shares of the company’s stock worth $1,497,000 after buying an additional 7,811 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in shares of Formula One Group by 25.6% during the 4th quarter. FNY Investment Advisers LLC now owns 779 shares of the company’s stock worth $65,000 after buying an additional 159 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Formula One Group by 67.2% during the 4th quarter. Russell Investments Group Ltd. now owns 662 shares of the company’s stock worth $56,000 after buying an additional 266 shares during the last quarter. Institutional investors and hedge funds own 8.38% of the company’s stock.

Formula One Group Company Profile

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.