Bank of America Forecasts Strong Price Appreciation for Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) Stock

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) had its price objective upped by Bank of America from $105.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 16.75% from the company’s previous close.

FWONK has been the topic of several other reports. UBS Group cut their target price on Liberty Media Corporation – Liberty Formula One Series C from $107.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, April 15th. Wells Fargo & Company boosted their target price on Liberty Media Corporation – Liberty Formula One Series C from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. JPMorgan Chase & Co. lowered their price target on Liberty Media Corporation – Liberty Formula One Series C from $115.00 to $111.00 and set an “overweight” rating on the stock in a report on Friday, May 29th. Weiss Ratings raised shares of Liberty Media Corporation – Liberty Formula One Series C from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Liberty Media Corporation – Liberty Formula One Series C from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Liberty Media Corporation – Liberty Formula One Series C has an average rating of “Moderate Buy” and an average target price of $111.14.

Liberty Media Corporation – Liberty Formula One Series C Stock Performance

Shares of NASDAQ FWONK opened at $98.50 on Monday. The business has a 50 day simple moving average of $90.26 and a 200 day simple moving average of $89.44. Liberty Media Corporation – Liberty Formula One Series C has a 52 week low of $80.15 and a 52 week high of $109.36. The stock has a market cap of $22.07 billion, a price-to-earnings ratio of 45.18 and a beta of 0.44.

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) last posted its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.09. The business had revenue of $711.00 million during the quarter, compared to the consensus estimate of $683.42 million. On average, analysts predict that Liberty Media Corporation – Liberty Formula One Series C will post 1.91 EPS for the current year.

Insiders Place Their Bets

In related news, Director Chase Carey sold 100,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $90.28, for a total transaction of $9,028,000.00. Following the completion of the transaction, the director directly owned 94,356 shares in the company, valued at $8,518,459.68. This represents a 51.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Renee L. Wilm sold 11,597 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $90.09, for a total transaction of $1,044,773.73. Following the completion of the sale, the insider owned 15,590 shares in the company, valued at $1,404,503.10. This represents a 42.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Institutional Trading of Liberty Media Corporation – Liberty Formula One Series C

A number of institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. lifted its position in Liberty Media Corporation – Liberty Formula One Series C by 51.0% in the second quarter. Invesco Ltd. now owns 504,313 shares of the company’s stock worth $52,701,000 after purchasing an additional 170,435 shares during the period. Cresset Asset Management LLC bought a new stake in shares of Liberty Media Corporation – Liberty Formula One Series C in the 2nd quarter worth about $502,000. Daiwa Securities Group Inc. increased its holdings in shares of Liberty Media Corporation – Liberty Formula One Series C by 20.2% during the second quarter. Daiwa Securities Group Inc. now owns 37,335 shares of the company’s stock worth $3,902,000 after buying an additional 6,285 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Liberty Media Corporation – Liberty Formula One Series C in the second quarter valued at about $1,863,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Liberty Media Corporation – Liberty Formula One Series C during the second quarter worth approximately $1,255,000. 92.26% of the stock is currently owned by institutional investors.

Liberty Media Corporation – Liberty Formula One Series C Company Profile

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ: FWONK) is a tracking stock that represents Liberty Media’s economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world’s largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.