Formula One Group (NASDAQ:FWONA) Forecasted to Post Q3 2023 Earnings of $0.27 Per Share

Posted by on Jun 14th, 2023

Formula One Group (NASDAQ:FWONA – Get Rating) – Equities researchers at Seaport Res Ptn upped their Q3 2023 earnings estimates for shares of Formula One Group in a research report issued to clients and investors on Sunday, June 11th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings per share of $0.27 for the quarter, up from their prior forecast of $0.25. The consensus estimate for Formula One Group’s current full-year earnings is $0.34 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q4 2023 earnings at $0.41 EPS, FY2026 earnings at $1.84 EPS and FY2027 earnings at $2.21 EPS.

Formula One Group (NASDAQ:FWONA – Get Rating) last issued its quarterly earnings data on Friday, May 5th. The company reported ($0.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.55). The business had revenue of $381.00 million during the quarter, compared to the consensus estimate of $388.90 million. Formula One Group had a net margin of 18.66% and a return on equity of 2.58%.

Several other research firms have also issued reports on FWONA. Deutsche Bank Aktiengesellschaft raised their price target on shares of Formula One Group from $60.00 to $70.00 in a report on Thursday, June 1st. TD Cowen began coverage on shares of Formula One Group in a research report on Monday, June 5th. They set an “outperform” rating and a $90.00 price objective for the company. Benchmark reaffirmed a “buy” rating and set a $77.00 price objective on shares of Formula One Group in a research report on Wednesday, March 29th. Finally, Guggenheim raised their price objective on shares of Formula One Group from $68.00 to $74.00 in a research report on Tuesday, May 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.17.

Formula One Group Stock Up 0.6 %

Shares of NASDAQ FWONA opened at $69.44 on Tuesday. The company has a 50 day simple moving average of $65.42 and a 200 day simple moving average of $62.11. The firm has a market cap of $16.28 billion, a PE ratio of 42.60 and a beta of 1.08. Formula One Group has a 1 year low of $45.01 and a 1 year high of $69.59. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.79 and a quick ratio of 0.79.

Insider Activity at Formula One Group

In other Formula One Group news, CEO Gregory B. Maffei purchased 50,000 shares of Formula One Group stock in a transaction that occurred on Thursday, March 16th. The stock was acquired at an average price of $26.71 per share, with a total value of $1,335,500.00. Following the transaction, the chief executive officer now owns 4,203,799 shares in the company, valued at approximately $112,283,471.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Gregory B. Maffei acquired 50,000 shares of the business’s stock in a transaction on Thursday, March 16th. The shares were purchased at an average cost of $26.71 per share, with a total value of $1,335,500.00. Following the acquisition, the chief executive officer now directly owns 4,203,799 shares of the company’s stock, valued at $112,283,471.29. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Brian J. Wendling sold 9,058 shares of Formula One Group 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 transaction, the chief accounting officer now directly owns 8,137 shares in the company, valued at $595,791.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,699 shares of company stock valued at $1,922,546. 4.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds have recently bought and sold shares of the company. MetLife Investment Management LLC bought a new stake in shares of Formula One Group during the 1st quarter worth $30,000. Brown Brothers Harriman & Co. raised its stake in shares of 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 period. Fred Alger Management LLC bought a new stake in shares of Formula One Group during the 3rd quarter worth $38,000. Janney Montgomery Scott LLC bought a new stake in shares of Formula One Group during the 4th quarter worth $246,000. Finally, Russell Investments Group Ltd. raised its stake in shares of 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 period. 8.71% of the stock is owned by hedge funds and other institutional investors.

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.

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

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