Formula One Group (NASDAQ:FWONK – Get Free Report) was the target of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 4,380,000 shares, a decrease of 13.6% from the July 15th total of 5,070,000 shares. Based on an average daily volume of 916,700 shares, the days-to-cover ratio is currently 4.8 days.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $87.00 price target on shares of Formula One Group in a research note on Thursday, August 3rd. Guggenheim upped their price target on shares of Formula One Group from $75.00 to $82.00 in a research note on Tuesday, May 9th. StockNews.com began coverage on shares of Formula One Group in a research note on Thursday, July 27th. They issued a “sell” rating on the stock. JPMorgan Chase & Co. increased their target price on shares of Formula One Group from $78.00 to $86.00 in a research note on Thursday, July 6th. Finally, Pivotal Research increased their target price on shares of Formula One Group from $85.00 to $92.00 in a research note on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, Formula One Group presently has a consensus rating of “Moderate Buy” and an average price target of $86.20.
Insiders Place Their Bets
In other Formula One Group news, Chairman John C. Malone sold 120,631 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $70.30, for a total value of $8,480,359.30. Following the completion of the transaction, the chairman now directly owns 2,770,989 shares in the company, valued at $194,800,526.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Chairman John C. Malone bought 140,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average price of $35.70 per share, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chairman now owns 3,658,473 shares in the company, valued at $130,607,486.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman John C. Malone sold 120,631 shares of the company’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $70.30, for a total transaction of $8,480,359.30. Following the transaction, the chairman now owns 2,770,989 shares of the company’s stock, valued at approximately $194,800,526.70. The disclosure for this sale can be found here. Insiders sold a total of 247,413 shares of company stock worth $17,484,993 over the last three months.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FWONK. James Investment Research Inc. bought a new stake in shares of Formula One Group in the 1st quarter valued at about $30,000. Covestor Ltd boosted its holdings in shares of Formula One Group by 299.4% in the 2nd quarter. Covestor Ltd now owns 691 shares of the company’s stock valued at $52,000 after buying an additional 518 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Formula One Group by 3.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 17,121 shares of the company’s stock valued at $1,289,000 after buying an additional 650 shares in the last quarter. Carmel Capital Partners LLC boosted its holdings in shares of Formula One Group by 4.1% in the 1st quarter. Carmel Capital Partners LLC now owns 16,833 shares of the company’s stock valued at $1,260,000 after buying an additional 667 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Formula One Group by 20.0% in the 1st quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after buying an additional 696 shares in the last quarter. 85.60% of the stock is currently owned by institutional investors.
Formula One Group Stock Down 0.7 %
FWONK stock opened at $69.65 on Tuesday. Formula One Group has a 12 month low of $66.01 and a 12 month high of $78.58. The firm’s 50-day moving average is $74.26 and its 200 day moving average is $72.76.
About Formula One Group
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.