The stock of Formula One Group (NASDAQ:FWONA) is now priced at $30.3 and the shares are 0.24 points up or 0.8% higher compared to its previous closing price of $30.06. The stock had 181294 contracts set over the past session. FWONA shares’ daily volume is compared to its average trading volume at 226150 shares. However, it has a float of 205 million and although its performance was 4.59% over the week, it’s one to watch. Analysts have given the FWONA stock a yearly average price target of $42.95 per share. It means the stock’s upside potential is 41.75% with the FWONA share price recently placing at $30.12 to $30.83. However, some brokerage firms have priced the stock below the average, including one that has called $32.
The shorts are running away from the Formula One Group stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the FWONA shares have declined. Short interest in the stock represents just 0.44% of its float, but the volume has dropped by -60219. The volume of shorted shares dropped to 912604 from 972823 shares over the last two weeks. The average intraday trading volume has been 224906 shares, which means that days to cover moved to roughly 4.057713.
In the last trading session, Formula One Group (NASDAQ:FWONA) raised by $1.33 over the week and lost -$4.77 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $46.52. The stock recorded its established 52-week high on 01/22/20.
Since 03/18/20, the stock has traded to a low of $16.87 at 79.61%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.25. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Formula One Group’s two-week RSI is 45.49. This suggests that the stock is neutral at the moment and that FWONA shares’ price movement remains stable. The stochastic readings are equally revealing at 33.33% meaning the FWONA share price is currently in neutral territory.
The technical chart shows that the FWONA stock will likely settle at between $30.71 and $31.13 per share. However, if the stock dips below $30, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $29.71.
Currently, the stock is trading in the green of MACD, with a reading of 0.24. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Morgan Stanley cut their recommendation for FWONA from Overweight to Equal-Weight in April 13 review. FBN Securities analysts downgraded their recommendation of the stock from Outperform to Sector Perform in a flash note released to investors on September 18. JP Morgan seeing the improvements upgraded the stock from Neutral to Overweight on August 15, placing it at $38 to $50.
The average rating for the FWONA equity is 2.13 and is currently gathering a bullish momentum. Of 7 analysts tracking Formula One Group polled by Reuters, 2 rated FWONA as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FWONA stocks P/S ratio currently stands below the group’s average of 38.8. Formula One Group has its P/E ratio at 1.4, which means that the stock is currently trading at a discount relative to the 1.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Formula One Group (NASDAQ:FWONA) will decrease by about -99.62%, which will see them reach $147 million. The company’s full-year revenues are, however, expected to diminish by about -24.26%, down from $2.02 billion to $1530 million. FWONA’s expected adjusted earnings should surge almost 115.15% to end up at -$0.71 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 30.37% to record -$1.76/share.