Formula One Group (NASDAQ:FWONK) Forecasted to Post Q1 2023 Earnings of ($0.03) Per Share

Posted by on Apr 27th, 2023

Formula One Group (NASDAQ:FWONK – Get Rating) – Equities researchers at Seaport Res Ptn issued their Q1 2023 earnings per share estimates for shares of Formula One Group in a research note issued to investors on Sunday, April 23rd. Seaport Res Ptn analyst D. Joyce expects that the company will post earnings of ($0.03) per share for the quarter. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for Formula One Group’s current full-year earnings is $0.55 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q2 2023 earnings at $0.13 EPS, Q3 2023 earnings at $0.21 EPS, Q4 2023 earnings at $0.33 EPS, FY2023 earnings at $0.64 EPS, Q1 2024 earnings at $0.01 EPS, Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.27 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $0.95 EPS, FY2025 earnings at $1.27 EPS, FY2026 earnings at $1.63 EPS and FY2027 earnings at $1.97 EPS.

A number of other brokerages have also recently commented on FWONK. Rosenblatt Securities raised their price target on Formula One Group from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, April 14th. Morgan Stanley lifted their target price on Formula One Group from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, March 2nd. Wolfe Research started coverage on Formula One Group in a research report on Friday, February 24th. They issued a “peer perform” rating on the stock. Pivotal Research lifted their target price on Formula One Group from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, April 17th. Finally, JPMorgan Chase & Co. lifted their price target on Formula One Group from $75.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, March 9th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $76.60.

Formula One Group Stock Down 1.7 %

FWONK opened at $70.28 on Wednesday. Formula One Group has a 1-year low of $50.00 and a 1-year high of $76.15. The stock’s fifty day simple moving average is $72.08 and its 200 day simple moving average is $65.64. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.78. The stock has a market cap of $16.44 billion, a PE ratio of 34.12 and a beta of 1.09.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds have recently made changes to their positions in the company. James Investment Research Inc. bought a new position in shares of Formula One Group during the first quarter valued at approximately $30,000. Carmel Capital Partners LLC boosted its holdings in shares of Formula One Group by 4.1% in the first quarter. Carmel Capital Partners LLC now owns 16,833 shares of the company’s stock valued at $1,260,000 after purchasing an additional 667 shares during the period. Greenwood Gearhart Inc. lifted its holdings in Formula One Group by 2.2% during the fourth quarter. Greenwood Gearhart Inc. now owns 155,687 shares of the company’s stock worth $9,307,000 after buying an additional 3,340 shares during the period. Allstate Investment Management Co. purchased a new stake in Formula One Group during the fourth quarter worth $385,000. Finally, Brevan Howard Capital Management LP purchased a new stake in Formula One Group during the fourth quarter worth $2,481,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Brian J. Wendling sold 1,370 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The stock was sold at an average price of $36.00, for a total value of $49,320.00. Following the completion of the transaction, the chief accounting officer now owns 15,805 shares in the company, valued at approximately $568,980. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Brian J. Wendling sold 1,370 shares of Formula One Group stock in a transaction on Monday, April 24th. The stock was sold at an average price of $36.00, for a total value of $49,320.00. Following the completion of the sale, the chief accounting officer now owns 15,805 shares of the company’s stock, valued at $568,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman John C. Malone sold 285,320 shares of Formula One Group 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 transaction, the chairman now owns 3,670,061 shares in the company, valued at $275,071,071.95. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 51,200 shares of company stock worth $1,376,825 and have sold 432,401 shares worth $32,257,898. 4.31% of the stock is owned by corporate insiders.

About Formula One Group

(Get Rating)

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.

Read More

Earnings History and Estimates for Formula One Group (NASDAQ:FWONK)

Receive News & Ratings for Formula One Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Formula One Group and related companies with MarketBeat.com's FREE daily email newsletter.