Formula One Group (NASDAQ:FWONK – Get Rating) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
FWONK has been the subject of several other reports. Morgan Stanley increased their target price on shares of Formula One Group from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, March 2nd. Pivotal Research increased their target price on shares of Formula One Group from $70.00 to $82.00 in a research note on Thursday, March 2nd. Wolfe Research initiated coverage on shares of Formula One Group in a research note on Friday, February 24th. They set a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of Formula One Group from $75.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, March 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $72.80.
Formula One Group Price Performance
NASDAQ FWONK opened at $73.71 on Thursday. The company has a 50-day moving average price of $71.79 and a two-hundred day moving average price of $64.75. The stock has a market cap of $17.24 billion, a price-to-earnings ratio of 35.78 and a beta of 1.09. Formula One Group has a 52 week low of $50.00 and a 52 week high of $76.15. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.78.
Insider Buying and Selling
In other Formula One Group news, Chairman John C. Malone sold 285,320 shares of the stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $74.95, for a total value of $21,384,734.00. Following the completion of the sale, the chairman now directly owns 3,670,061 shares of the company’s stock, valued at approximately $275,071,071.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman John C. Malone sold 285,320 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $74.95, for a total transaction of $21,384,734.00. Following the completion of the transaction, the chairman now directly owns 3,670,061 shares of the company’s stock, valued at approximately $275,071,071.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brian J. Wendling sold 9,058 shares of the firm’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $73.22, for a total transaction of $663,226.76. Following the transaction, the chief accounting officer now directly owns 8,137 shares of the company’s stock, valued at $595,791.14. The disclosure for this sale can be found here. In the last three months, insiders sold 431,031 shares of company stock valued at $32,208,578. Company insiders own 4.31% of the company’s stock.
Institutional Investors Weigh In On Formula One Group
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. James Investment Research Inc. boosted its stake in shares of Formula One Group by 64.4% in the 3rd quarter. James Investment Research Inc. now owns 886 shares of the company’s stock valued at $52,000 after purchasing an additional 347 shares during the last quarter. Brown Brothers Harriman & Co. boosted its stake in shares of Formula One Group by 20.0% in the 1st quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after purchasing an additional 696 shares during the last quarter. US Bancorp DE boosted its stake in shares of Formula One Group by 74.4% in the 3rd quarter. US Bancorp DE now owns 2,527 shares of the company’s stock valued at $147,000 after purchasing an additional 1,078 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Formula One Group by 6.3% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 19,128 shares of the company’s stock valued at $1,119,000 after purchasing an additional 1,128 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Formula One Group by 2,600.0% in the 4th quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock valued at $105,000 after purchasing an additional 1,690 shares during the last quarter. Institutional investors and hedge funds own 87.86% of the company’s stock.
About Formula One Group
Liberty Media Corp. engages in the operation of media, communications, and entertainment businesses. It operates through the following segments: Sirius XM Holdings, Formula 1. The Sirius XM Holdings segment refers to the complementary audio entertainment businesses, Sirius XM and Pandora. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic, weather channels, and infotainment services.