Formula One Group (NASDAQ:FWONK - Free Report) - Equities research analysts at Seaport Res Ptn cut their FY2024 earnings estimates for shares of Formula One Group in a note issued to investors on Wednesday, December 4th. Seaport Res Ptn analyst D. Joyce now expects that the company will earn $1.46 per share for the year, down from their previous forecast of $1.54. Seaport Res Ptn currently has a "Hold" rating on the stock. The consensus estimate for Formula One Group's current full-year earnings is $1.38 per share. Seaport Res Ptn also issued estimates for Formula One Group's Q4 2024 earnings at $0.58 EPS, Q1 2025 earnings at ($0.29) EPS, Q3 2025 earnings at $0.23 EPS and FY2025 earnings at $0.80 EPS.
Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.48 earnings per share for the quarter, beating analysts' consensus estimates of $0.30 by $0.18. The business had revenue of $848.00 million during the quarter, compared to analysts' expectations of $837.59 million.
A number of other equities analysts have also recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Formula One Group from $80.00 to $85.00 and gave the company an "equal weight" rating in a research report on Monday, September 23rd. UBS Group started coverage on shares of Formula One Group in a report on Thursday, October 17th. They issued a "neutral" rating and a $85.00 price target on the stock. StockNews.com downgraded Formula One Group from a "hold" rating to a "sell" rating in a report on Monday, November 18th. Finally, Rosenblatt Securities upped their target price on shares of Formula One Group from $91.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $88.25.
View Our Latest Analysis on FWONK
Shares of Formula One Group stock opened at $93.89 on Monday. The company has a 50 day simple moving average of $81.94 and a two-hundred day simple moving average of $77.87. The firm has a market cap of $20.87 billion, a PE ratio of 81.64 and a beta of 0.18. Formula One Group has a 1 year low of $61.44 and a 1 year high of $94.38.
A number of hedge funds and other institutional investors have recently modified their holdings of FWONK. Greenwood Gearhart Inc. lifted its position in Formula One Group by 8.1% in the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company's stock worth $13,640,000 after buying an additional 13,146 shares during the last quarter. Hahn Capital Management LLC boosted its position in shares of Formula One Group by 33.5% during the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company's stock valued at $4,929,000 after buying an additional 17,219 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Formula One Group by 16.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,340 shares of the company's stock valued at $2,117,000 after acquiring an additional 3,958 shares during the period. MetLife Investment Management LLC grew its position in Formula One Group by 3.0% in the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock valued at $538,000 after acquiring an additional 203 shares during the last quarter. Finally, Lountzis Asset Management LLC lifted its position in shares of Formula One Group by 17.0% during the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company's stock worth $461,000 after purchasing an additional 864 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors.
In related news, insider Renee L. Wilm sold 19,202 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian J. Wendling sold 10,011 shares of the firm's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,911 shares of company stock worth $2,403,701. 4.31% of the stock is owned by company insiders.
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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