Liberty Media Formula One Series C (FWONK) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Liberty Media Formula One Series C (NASDAQ:FWONK) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

According to Zacks, “Liberty Media Corporation owns interests in a broad range of media, communications and entertainment businesses through their operating subsidiaries and investments in various publicly-traded companies. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, as well as infotainment services on a subscription fee basis through its satellite radio systems; provides next-generation connected vehicle applications and services; streams music and non-music channels over the Internet; sells satellite and Internet radios to consumers through Website and retailers; and offers other ancillary services, such as weather, traffic, data, and Backseat television services. Liberty Media Corporation is headquartered in Englewood, Colorado. “

A number of other brokerages also recently issued reports on FWONK. ValuEngine downgraded Liberty Media Formula One Series C from a buy rating to a hold rating in a report on Tuesday, July 24th. Goldman Sachs Group assumed coverage on Liberty Media Formula One Series C in a report on Tuesday, October 9th. They set a neutral rating and a $39.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $43.33.

Shares of NASDAQ FWONK traded down $1.40 during trading on Friday, reaching $32.66. The company had a trading volume of 1,900,201 shares, compared to its average volume of 1,278,210. Liberty Media Formula One Series C has a 12-month low of $28.37 and a 12-month high of $39.62. The stock has a market cap of $7.87 billion, a P/E ratio of 26.99 and a beta of 1.44.

Liberty Media Formula One Series C (NASDAQ:FWONK) last released its earnings results on Wednesday, August 8th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.08. The company had revenue of $585.00 million during the quarter, compared to analysts’ expectations of $602.28 million. As a group, equities research analysts expect that Liberty Media Formula One Series C will post -0.26 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the stock. Comerica Bank grew its position in shares of Liberty Media Formula One Series C by 9.4% during the second quarter. Comerica Bank now owns 21,206 shares of the company’s stock worth $816,000 after purchasing an additional 1,823 shares in the last quarter. Private Capital Advisors Inc. grew its position in shares of Liberty Media Formula One Series C by 16.6% during the third quarter. Private Capital Advisors Inc. now owns 13,433 shares of the company’s stock worth $512,000 after purchasing an additional 1,912 shares in the last quarter. Toronto Dominion Bank grew its position in shares of Liberty Media Formula One Series C by 9.7% during the third quarter. Toronto Dominion Bank now owns 22,032 shares of the company’s stock worth $819,000 after purchasing an additional 1,951 shares in the last quarter. Amalgamated Bank grew its position in shares of Liberty Media Formula One Series C by 5.6% during the second quarter. Amalgamated Bank now owns 37,500 shares of the company’s stock worth $1,392,000 after purchasing an additional 1,989 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Liberty Media Formula One Series C by 6.4% during the second quarter. PNC Financial Services Group Inc. now owns 33,286 shares of the company’s stock worth $1,235,000 after purchasing an additional 2,001 shares in the last quarter. Hedge funds and other institutional investors own 89.36% of the company’s stock.

About Liberty Media Formula One Series C

Formula One Group, through its subsidiaries, engages in the media and entertainment businesses in North America. Formula One Group was formerly known as The Liberty Media Group. The company is based in Englewood, Colorado. Formula One Group is a former subsidiary of Liberty Media Corporation.

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