Formula One Group (NASDAQ: FWONK) stock fell -3.54% on Friday to $59.46 against a previous-day closing price of $61.64. With 1.11 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.07 million shares. During the session, the Broadcasting company that operates in wider Communication Services sector, reached to the highest price of $61.49 whereas the lowest price it dropped to was $59.46. The 52-week range on FWONK shows that it touched its highest point at $71.17 and its lowest point at $49.01 during that stretch. It currently has a 1-year price target of $70.17.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of FWONK was down-trending over the past week, with a drop of -8.07%, but this was down by -12.46% over a month. Three-month performance dropped to -0.62% while six-month performance fell -7.77%. The stock gained 21.12% in the past year, while it has lost -5.98% so far this year. A look at the trailing 12-month EPS for FWONK yields -0.77 with Next year EPS estimates of 0.80. For the next quarter, that number is 0.21. This implies an EPS growth rate of 157.30% for this year and 70.20% for next year.
Float and Shares Shorts:
At present, 206.46 million FWONK shares are outstanding with a float of 197.85 million shares on hand for trading. On Jul 14, 2022, short shares totaled 12.65 million, which was 5.45% higher than short shares on Jun 14, 2022.
Through their ownership of 109.43% of FWONK’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 55.28% of FWONK, in contrast to 46.28% held by mutual funds. Shares owned by individuals account for 4.95%. As the largest shareholder in FWONK with 11.10% of the stake, T. Rowe Price Associates, Inc. holds 22,925,747 shares worth 22,925,747. A second-largest stockholder of FWONK, The Vanguard Group, Inc., holds 16,971,112 shares, controlling over 8.22% of the firm’s shares. Caledonia is the third largest shareholder in FWONK, holding 15,742,023 shares or 7.63% stake. With a 2.63% stake in FWONK, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 5,420,465 shares are owned by the mutual fund manager. The Janus Henderson Enterprise Fund, which owns about 2.40% of FWONK stock, is the second-largest Mutual Fund holder. It holds 4,955,946 shares valued at 315.59 million. Vanguard Small Cap Index Fund holds 2.37% of the stake in FWONK, owning 4,900,865 shares worth 312.09 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for FWONK since 10 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 1 suggest SELL ratings. Of the remaining analysts, 2 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 1 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With FWONK analysts setting a high price target of $77.00 and a low target of $56.00, the average target price over the next 12 months is $69.11. Based on these targets, FWONK could surge 29.5% to reach the target high and fall by -5.82% to reach the target low. Reaching the average price target will result in a growth of 16.23% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. FWONK will report FY 2022 earnings on 03/02/2023. Analysts have provided yearly estimates in a range of $0.85 being high and -$0.18 being low. For FWONK, this leads to a yearly average estimate of $0.42. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Formula One Group surprised analysts by $0.39 when it reported $0.46 EPS against a consensus estimate of $0.07. The surprise factor in the prior quarter was $0.06. Based on analyst estimates, the high estimate for the next quarter is $0.38 and the low estimate is $0.02. The average estimate for the next quarter is thus $0.23.
Summary of Insider Activity:
Insiders traded FWONK stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 14 while that of sell transactions has risen to 32 over the past year. The total number of shares bought during that period was 5,088,828 while 4,228,157 shares were sold.