Sunday, June 26, 2022

Checking in on Formula One Group (FWONK) after recent insiders movement

In a filing, Formula One Group revealed its 10% Owner GAMCO INVESTORS, INC. ET AL acquired Company’s shares for reported $25550.0 on May 11. In the deal valued at $25.55 per share,1,000 shares were bought. As a result of this transaction, GAMCO INVESTORS, INC. ET AL now holds 18,500 shares worth roughly $ 1.12 million.

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Then, Wendling Brian J sold 4,655 shares, generating $111,627 in total proceeds. Upon selling the shares at $23.98, the CAO/PFO now owns 14,871 shares.

Before that, GAMCO INVESTORS, INC. ET AL bought 1,000 shares. Formula One Group shares valued at $26,050 were divested by the 10% Owner at a price of $26.05 per share. As a result of the transaction, GAMCO INVESTORS, INC. ET AL now holds 17,500 shares, worth roughly $1.06 million.

Taking this into account, Rosenblatt initiated its Formula One Group [FWONK] rating to a Buy in a research note published on Tuesday, April 26, 2022; the price target was $81. PT values the company’s stock at a premium of 25.0 to its Tuesday closing price. A number of analysts have revised their coverage, including Goldman’s analysts, who began to cover the stock in mid July with a ‘”a Neutral”‘ rating. Berenberg began covering FWONK with a “Buy” recommendation on September 30, 2020. B. Riley FBR revised its rating on May 16, 2019. It rated FWONK as “a Buy” which previously was an “a Neutral”.

Price Performance Review of FWONK

On Tuesday, Formula One Group [NASDAQ:FWONK] saw its stock jump 1.00% to $60.75. On the same session, the stock had its day’s lowest price of $60.28, but rose to a high of $61.17. Over the last five days, the stock has gained 4.53%. Formula One Group shares have fallen nearly -3.94% since the year began. Nevertheless, the stocks have risen 34.17% over the past one year. While a 52-week high of $71.17 was reached on 04/21/22, a 52-week low of $44.12 was recorded on 05/10/22. SMA at 50 days reached $62.79, while 200 days put it at $59.89. A total of 0.89 million shares were traded, compared to the trading of 0.69 million shares in the previous session.

Levels Of Support And Resistance For FWONK Stock

The 24-hour chart illustrates a support level at 60.30, which if violated will result in even more drops to 59.84. On the upside, there is a resistance level at 61.19. A further resistance level may holdings at 61.62. The Relative Strength Index (RSI) on the 14-day chart is 48.24, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.96, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 47.63%. Stochastics %K at 46.15% indicates the stock is a holding.

Formula One Group [FWONK] – Who Are The Largest Shareholders?

In filings from T. Rowe Price Associates, Inc., it is revealed that the company now owns 23,780,802 shares, or roughly 11.56% of the outstanding FWONK shares. In other words, the investor’s shares have risen by 4,404,850 from its previous 13-F filing of 19375952.0. Additionally, The Vanguard Group, Inc. decreased -0.26% of its stake after which the total value it holdings stand at $1,047,620,254, while Caledonia reduced -8.12% of its stake to hold $976.98 million in the firm. Over the last quarter, Janus Henderson Investors US LLC sold -1,761,666 shares of Formula One Group, while Ruane, Cunniff & Goldfarb LP sold -289,019 shares. At present, Fidelity Management & Research Co is holding 9,055,468 shares valued at $564.07 million. Sculptor Capital LP owned 8,333,904 shares of the company at the time of its most recent 13F filing, worth $519.12 million.

According to FactSet, Formula One Group’s share price will average $67.78 in the next year, based on opinions of analysts polled by the firm. This is up nearly 19.7 percent from its previous closing price of $60.15. Analysts expect Formula One Group stock to reach the higher price of $77.00, while the lowest price estimate is $50.00. The most recent change occurred on October 09, 2018 when Goldman began covering the stock and recommended ‘”a Neutral”‘ rating.

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