Formula One Group (NASDAQ:FWONK) Trading Up 1.1% – Time to Buy?

Shares of Formula One Group (NASDAQ:FWONK) rose 1.1% during trading on Friday . The company traded as high as $90.86 and last traded at $90.88. Approximately 135,767 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,262,646 shares. The stock had previously closed at $89.92.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. StockNews.com upgraded shares of Formula One Group to a “sell” rating in a report on Friday. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 target price on shares of Formula One Group in a research note on Friday, March 7th. JPMorgan Chase & Co. boosted their price target on Formula One Group from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, March 6th. Seaport Res Ptn raised shares of Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Finally, Wells Fargo & Company reduced their target price on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $98.14.

Formula One Group Trading Up 1.6 %

The business has a 50 day simple moving average of $86.47 and a two-hundred day simple moving average of $88.95. The stock has a market cap of $22.78 billion, a price-to-earnings ratio of 79.48 and a beta of 0.33.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The company had revenue of $20.71 billion for the quarter, compared to analyst estimates of $1.37 billion. Research analysts anticipate that Formula One Group will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Institutional investors have recently modified their holdings of the stock. Praxis Investment Management Inc. raised its stake in Formula One Group by 10.7% during the first quarter. Praxis Investment Management Inc. now owns 9,870 shares of the company’s stock valued at $888,000 after buying an additional 950 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Formula One Group by 1,378.8% in the 1st quarter. Versant Capital Management Inc now owns 2,159 shares of the company’s stock valued at $194,000 after acquiring an additional 2,013 shares during the last quarter. California State Teachers Retirement System raised its position in shares of 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 valued at $32,518,000 after acquiring an additional 6,297 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in Formula One Group by 1.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company’s stock worth $37,529,000 after purchasing an additional 4,897 shares during the last quarter. Finally, Greenwood Gearhart Inc. boosted its holdings in Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock worth $16,764,000 after purchasing an additional 4,761 shares during the period. Institutional investors and hedge funds own 92.26% 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.