Formula One Group (NASDAQ:FWONK – Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 3,630,000 shares, a drop of 9.7% from the March 15th total of 4,020,000 shares. Based on an average daily volume of 1,110,000 shares, the short-interest ratio is presently 3.3 days. Currently, 1.8% of the shares of the company are sold short.
Wall Street Analysts Forecast Growth
Separately, StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.67.
Read Our Latest Stock Report on FWONK
Insider Buying and Selling
Institutional Trading of Formula One Group
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Formula One Group by 2.5% during the 1st quarter. Geode Capital Management LLC now owns 3,043,509 shares of the company’s stock valued at $227,456,000 after acquiring an additional 73,369 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Formula One Group by 283.1% during the 1st quarter. Ameriprise Financial Inc. now owns 363,904 shares of the company’s stock valued at $27,231,000 after acquiring an additional 268,910 shares in the last quarter. California State Teachers Retirement System grew its stake in Formula One Group by 16.1% during the 3rd quarter. California State Teachers Retirement System now owns 283,417 shares of the company’s stock valued at $16,580,000 after acquiring an additional 39,355 shares in the last quarter. Greenwood Gearhart Inc. grew its stake in Formula One Group by 6.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock valued at $10,848,000 after acquiring an additional 9,992 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its stake in Formula One Group by 643.6% during the 1st quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock valued at $10,094,000 after acquiring an additional 124,798 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.
Formula One Group Stock Down 0.6 %
Shares of NASDAQ FWONK traded down $0.38 during trading on Wednesday, hitting $67.28. The company had a trading volume of 719,183 shares, compared to its average volume of 1,094,560. The stock has a fifty day simple moving average of $68.38 and a two-hundred day simple moving average of $66.26. Formula One Group has a fifty-two week low of $60.95 and a fifty-two week high of $78.58.
Formula One Group (NASDAQ:FWONK – Get Free Report) last released its earnings results on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.25 billion. Equities analysts predict that Formula One Group will post 0.94 EPS for the current fiscal year.
Formula One Group Company Profile
Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One 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.
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