Formula One Group (NASDAQ:FWONK) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Formula One Group (NASDAQ:FWONKGet Rating) from a sell rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Liberty Media Corporation owns interests in a broad range of media, communications and entertainment businesses through their operating subsidiaries and investments in various publicly-traded companies. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, as well as infotainment services on a subscription fee basis through its satellite radio systems; provides next-generation connected vehicle applications and services; streams music and non-music channels over the Internet; sells satellite and Internet radios to consumers through Website and retailers; and offers other ancillary services, such as weather, traffic, data, and Backseat television services. Liberty Media Corporation is headquartered in Englewood, Colorado. “

Several other research analysts also recently issued reports on FWONK. StockNews.com began coverage on shares of Formula One Group in a research note on Thursday, March 31st. They issued a hold rating on the stock. JPMorgan Chase & Co. upped their target price on shares of Formula One Group from $60.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday, February 23rd. Finally, Morgan Stanley upped their target price on shares of Formula One Group from $55.00 to $58.00 and gave the stock an equal weight rating in a research note on Wednesday, January 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $57.83.

NASDAQ:FWONK opened at $66.59 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $15.39 billion, a PE ratio of -81.21 and a beta of 1.23. The business has a 50 day moving average price of $63.99 and a 200-day moving average price of $61.01. Formula One Group has a fifty-two week low of $42.84 and a fifty-two week high of $71.17.

Formula One Group (NASDAQ:FWONKGet Rating) last posted its quarterly earnings data on Friday, February 25th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of $0.17 by ($0.81). Formula One Group had a negative return on equity of 1.01% and a negative net margin of 8.90%. The business had revenue of $787.00 million for the quarter, compared to the consensus estimate of $726.07 million. Research analysts predict that Formula One Group will post 0.06 EPS for the current year.

In other Formula One Group news, major shareholder Gamco Investors, Inc. Et Al bought 5,000 shares of Formula One Group stock in a transaction on Tuesday, April 12th. The stock was acquired at an average cost of $27.12 per share, with a total value of $135,600.00. Following the completion of the acquisition, the insider now owns 40,000 shares in the company, valued at $1,084,800. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Hedge funds and other institutional investors have recently made changes to their positions in the company. James Investment Research Inc. purchased a new stake in shares of Formula One Group in the fourth quarter worth $37,000. Thompson Siegel & Walmsley LLC boosted its position in shares of Formula One Group by 6.7% during the third quarter. Thompson Siegel & Walmsley LLC now owns 53,977 shares of the company’s stock worth $2,775,000 after acquiring an additional 3,384 shares during the last quarter. Pinnacle Holdings LLC bought a new position in shares of Formula One Group during the third quarter worth $52,000. Russell Investments Group Ltd. boosted its position in shares of Formula One Group by 68.4% during the fourth quarter. Russell Investments Group Ltd. now owns 32,740 shares of the company’s stock worth $2,067,000 after acquiring an additional 13,301 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in shares of Formula One Group during the fourth quarter worth $348,000. 84.64% of the stock is owned by hedge funds and other institutional investors.

Formula One Group Company Profile (Get Rating)

Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the 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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