Brokerages Set Formula One Group (NASDAQ:FWONA) PT at $74.17

Posted by Defense World Staff on Jun 8th, 2023

Formula One Group (NASDAQ:FWONA – Get Rating) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $74.17.

Several equities analysts have issued reports on the company. Guggenheim boosted their target price on Formula One Group from $68.00 to $74.00 in a research report on Tuesday, May 9th. Deutsche Bank Aktiengesellschaft boosted their target price on Formula One Group from $60.00 to $70.00 in a research report on Thursday, June 1st. TD Cowen began coverage on Formula One Group in a report on Monday. They issued an “outperform” rating and a $90.00 price target on the stock. Finally, Benchmark restated a “buy” rating and issued a $77.00 price target on shares of Formula One Group in a report on Wednesday, March 29th.

Insider Buying and Selling

In related news, CEO Gregory B. Maffei bought 50,000 shares of Formula One Group stock in a transaction that occurred on Thursday, March 16th. The shares were purchased at an average price of $26.71 per share, with a total value of $1,335,500.00. Following the purchase, the chief executive officer now owns 4,203,799 shares in the company, valued at $112,283,471.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Brian J. Wendling sold 9,058 shares of the company’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $73.22, for a total transaction of $663,226.76. Following the completion of the sale, the chief accounting officer now directly owns 8,137 shares in the company, valued at approximately $595,791.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gregory B. Maffei acquired 50,000 shares of the company’s stock in a transaction dated Thursday, March 16th. The shares were purchased at an average price of $26.71 per share, with a total value of $1,335,500.00. Following the completion of the acquisition, the chief executive officer now owns 4,203,799 shares in the company, valued at $112,283,471.29. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 51,200 shares of company stock worth $1,376,825 and have sold 27,401 shares worth $1,946,233. Insiders own 4.83% of the company’s stock.

Institutional Trading of Formula One Group

Several large investors have recently added to or reduced their stakes in FWONA. MetLife Investment Management LLC acquired a new position in shares of Formula One Group in the first quarter worth about $30,000. Brown Brothers Harriman & Co. increased its holdings in Formula One Group by 31.4% during the 1st quarter. Brown Brothers Harriman & Co. now owns 1,752 shares of the company’s stock worth $111,000 after purchasing an additional 419 shares during the last quarter. Fred Alger Management LLC purchased a new stake in Formula One Group during the 3rd quarter worth approximately $38,000. Janney Montgomery Scott LLC purchased a new stake in Formula One Group during the 4th quarter worth approximately $246,000. Finally, Russell Investments Group Ltd. increased its holdings in Formula One Group by 58.1% during the 4th quarter. Russell Investments Group Ltd. now owns 2,003 shares of the company’s stock worth $107,000 after purchasing an additional 736 shares during the last quarter. 8.71% of the stock is currently owned by institutional investors and hedge funds.

Formula One Group Stock Performance

Shares of FWONA stock opened at $65.07 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.82. The stock’s 50-day moving average price is $65.27 and its 200 day moving average price is $61.62. Formula One Group has a 52-week low of $45.01 and a 52-week high of $69.12. The stock has a market capitalization of $15.25 billion, a PE ratio of 39.92 and a beta of 1.08.

Formula One Group (NASDAQ:FWONA – Get Rating) last released its earnings results on Friday, May 5th. The company reported ($0.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.55). Formula One Group had a return on equity of 2.58% and a net margin of 18.66%. The business had revenue of $381.00 million for the quarter, compared to analyst estimates of $388.90 million. As a group, equities research analysts forecast that Formula One Group will post 0.34 EPS for the current year.

Formula One Group Company Profile

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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.