Formula One Group (NASDAQ:FWONK) Stock Passes Below Fifty Day Moving Average of $45.06


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Formula One Group (NASDAQ:FWONK) crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $45.06 and traded as low as $43.87. Formula One Group shares last traded at $44.95, with a volume of 677,826 shares changing hands.

Several research analysts have recently commented on the stock. Pivotal Research lifted their price target on shares of Formula One Group from $50.00 to $53.00 and gave the company a “buy” rating in a report on Tuesday, March 2nd. Barclays assumed coverage on shares of Formula One Group in a research report on Monday, January 11th. They issued an “underweight” rating on the stock. Finally, Zacks Investment Research upgraded shares of Formula One Group from a “sell” rating to a “hold” rating in a research report on Tuesday, February 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Formula One Group has a consensus rating of “Hold” and a consensus target price of $47.67.

The company has a market capitalization of $10.59 billion, a P/E ratio of -13.93 and a beta of 1.30. The business’s 50-day simple moving average is $45.05 and its 200 day simple moving average is $41.44. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.72.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Thursday, February 25th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.25. Formula One Group had a negative net margin of 64.67% and a negative return on equity of 3.51%. As a group, sell-side analysts predict that Formula One Group will post -2.59 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in FWONK. Fieldpoint Private Securities LLC acquired a new stake in Formula One Group in the fourth quarter valued at approximately $80,000. Bessemer Group Inc. lifted its position in Formula One Group by 3.4% during the 4th quarter. Bessemer Group Inc. now owns 8,107 shares of the company’s stock worth $345,000 after buying an additional 264 shares in the last quarter. Panagora Asset Management Inc. lifted its position in Formula One Group by 47.4% during the 4th quarter. Panagora Asset Management Inc. now owns 21,749 shares of the company’s stock valued at $926,000 after purchasing an additional 6,990 shares during the period. Thompson Siegel & Walmsley LLC raised its position in shares of Formula One Group by 5,965.5% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 38,637 shares of the company’s stock valued at $1,646,000 after acquiring an additional 38,000 shares during the period. Finally, First Trust Advisors LP increased its stake in Formula One Group by 38.0% during the 1st quarter. First Trust Advisors LP now owns 86,656 shares of the company’s stock worth $3,037,000 after purchasing an additional 23,853 shares in the last quarter. 81.61% of the stock is currently owned by institutional investors.

About Formula One Group (NASDAQ:FWONK)

Formula One Group engages in the motorsports business. It holds commercial rights for the 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. The company was founded in 1950 and is based in Englewood, Colorado.

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