Formula One Group (NASDAQ:FWONA) Hits New 52-Week High Following Analyst Upgrade

Formula One Group (NASDAQ:FWONA)’s share price reached a new 52-week high during mid-day trading on Thursday after Citigroup raised their price target on the stock from $46.00 to $53.00. The stock traded as high as $47.43 and last traded at $47.42, with a volume of 735 shares. The stock had previously closed at $46.61.

Other research analysts have also issued reports about the company. Benchmark began coverage on Formula One Group in a research note on Wednesday, July 28th. They set a “hold” rating for the company. Pivotal Research increased their target price on Formula One Group from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $48.80.

Institutional investors have recently made changes to their positions in the stock. FORA Capital LLC acquired a new position in shares of Formula One Group during the 2nd quarter worth approximately $61,000. Panagora Asset Management Inc. increased its position in shares of Formula One Group by 17.3% during the 1st quarter. Panagora Asset Management Inc. now owns 6,963 shares of the company’s stock worth $266,000 after purchasing an additional 1,028 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Formula One Group by 16.7% during the 1st quarter. Neuberger Berman Group LLC now owns 7,124 shares of the company’s stock worth $271,000 after purchasing an additional 1,017 shares during the last quarter. Nomura Holdings Inc. increased its position in shares of Formula One Group by 72.3% during the 1st quarter. Nomura Holdings Inc. now owns 56,603 shares of the company’s stock worth $2,170,000 after purchasing an additional 23,759 shares during the last quarter. Finally, Gamco Investors INC. ET AL increased its position in shares of Formula One Group by 9.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 82,078 shares of the company’s stock worth $3,137,000 after purchasing an additional 6,968 shares during the last quarter. 9.52% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $10.94 billion, a price-to-earnings ratio of -248.37 and a beta of 1.23. The company has a 50-day simple moving average of $43.67 and a two-hundred day simple moving average of $41.75. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.99 and a current ratio of 0.99.

Formula One Group (NASDAQ:FWONA) last issued its earnings results on Friday, August 6th. The company reported $0.24 EPS for the quarter. Formula One Group had a negative return on equity of 0.22% and a negative net margin of 2.50%. The company had revenue of $501.00 million during the quarter.

About Formula One Group (NASDAQ:FWONA)

Liberty Media Corp. engages in the operation media, communications, and entertainment businesses. It operates through the following segments: Sirius XM Holdings, Formula 1, and Corporate and Other. The Sirius XM Holdings segment refers to the complementary audio entertainment businesses, Sirius XM and Pandora.

Read More: The benefits and drawbacks of dollar cost averaging

Receive News & Ratings for Formula One Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Formula One Group and related companies with MarketBeat.com's FREE daily email newsletter.