Formula One Group (NASDAQ:FWONK) Hits New 52-Week High at $54.29

Formula One Group (NASDAQ:FWONK)’s stock price hit a new 52-week high on Thursday . The company traded as high as $54.29 and last traded at $54.25, with a volume of 609 shares changing hands. The stock had previously closed at $53.88.

A number of analysts recently commented on FWONK shares. The Goldman Sachs Group started coverage on Formula One Group in a research report on Thursday, July 15th. They issued a “neutral” rating and a $48.00 price objective for the company. Zacks Investment Research lowered Formula One Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Pivotal Research reiterated a “buy” rating and issued a $60.00 price objective on shares of Formula One Group in a research report on Friday, September 3rd. Barclays raised their target price on Formula One Group from $37.00 to $38.00 and gave the stock an “underweight” rating in a report on Tuesday, July 6th. Finally, Morgan Stanley raised their target price on Formula One Group from $46.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Formula One Group presently has an average rating of “Hold” and an average price target of $49.33.

The stock has a market cap of $12.67 billion, a price-to-earnings ratio of -283.58 and a beta of 1.26. The company has a 50-day simple moving average of $50.24 and a two-hundred day simple moving average of $47.50. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.99 and a current ratio of 0.99.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Friday, August 6th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.62. The business had revenue of $501.00 million for the quarter, compared to analyst estimates of $448.68 million. Formula One Group had a negative return on equity of 0.22% and a negative net margin of 2.50%. As a group, sell-side analysts predict that Formula One Group will post 0.24 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fairview Capital Investment Management LLC lifted its position in shares of Formula One Group by 0.9% during the 1st quarter. Fairview Capital Investment Management LLC now owns 3,107,340 shares of the company’s stock worth $134,516,000 after buying an additional 28,012 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Formula One Group by 5.2% in the second quarter. Geode Capital Management LLC now owns 2,694,053 shares of the company’s stock valued at $129,713,000 after buying an additional 134,047 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Formula One Group by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 2,034,111 shares of the company’s stock valued at $88,056,000 after buying an additional 112,011 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Formula One Group by 15.0% in the first quarter. Ameriprise Financial Inc. now owns 178,587 shares of the company’s stock valued at $7,725,000 after buying an additional 23,243 shares during the period. Finally, Hahn Capital Management LLC increased its stake in shares of Formula One Group by 5.7% in the second quarter. Hahn Capital Management LLC now owns 152,545 shares of the company’s stock valued at $7,354,000 after buying an additional 8,230 shares during the period. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Formula One Group Company Profile (NASDAQ:FWONK)

Liberty Media Corp. engages in the operation media, communications, and entertainment businesses. It operates through the following segments: Sirius XM Holdings, Formula 1, and Corporate and Other. The Sirius XM Holdings segment refers to the complementary audio entertainment businesses, Sirius XM and Pandora.

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