Formula One Group (NASDAQ:FWONK) Major Shareholder Buys $9,656,850.72 in Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc purchased 333,916 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was acquired at an average cost of $28.92 per share, with a total value of $9,656,850.72. Following the purchase, the insider now owns 56,944,193 shares of the company’s stock, valued at approximately $1,646,826,061.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Monday, March 25th, Berkshire Hathaway Inc purchased 199,664 shares of Formula One Group stock. The stock was acquired at an average cost of $28.82 per share, with a total value of $5,754,316.48.
• On Monday, March 11th, Berkshire Hathaway Inc acquired 20,609 shares of Formula One Group stock. The stock was purchased at an average price of $29.94 per share, with a total value of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc acquired 521,804 shares of Formula One Group stock. The stock was purchased at an average price of $29.86 per share, with a total value of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc acquired 1,188,000 shares of Formula One Group stock. The stock was purchased at an average price of $29.39 per share, with a total value of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc acquired 234,194 shares of Formula One Group stock. The stock was purchased at an average price of $28.77 per share, with a total value of $6,737,761.38.
• On Thursday, February 1st, Berkshire Hathaway Inc acquired 175,827 shares of Formula One Group stock. The stock was purchased at an average price of $30.70 per share, with a total value of $5,397,888.90.
• On Tuesday, January 30th, Berkshire Hathaway Inc acquired 495,739 shares of Formula One Group stock. The stock was purchased at an average price of $30.12 per share, with a total value of $14,931,658.68.
• On Thursday, January 25th, Berkshire Hathaway Inc acquired 139,132 shares of Formula One Group stock. The stock was purchased at an average price of $30.99 per share, with a total value of $4,311,700.68.
• On Tuesday, January 23rd, Berkshire Hathaway Inc bought 650,224 shares of Formula One Group stock. The shares were bought at an average cost of $30.96 per share, with a total value of $20,130,935.04.
• On Tuesday, January 16th, Berkshire Hathaway Inc bought 543,977 shares of Formula One Group stock. The shares were bought at an average cost of $30.43 per share, with a total value of $16,553,220.11.

Formula One Group Price Performance

Shares of Formula One Group stock opened at $66.95 on Thursday. The stock has a 50-day moving average price of $68.21 and a 200 day moving average price of $66.08. Formula One Group has a 1 year low of $60.95 and a 1 year high of $78.58.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.06). The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.25 billion. On average, equities analysts forecast that Formula One Group will post 0.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Covestor Ltd increased its holdings in shares of Formula One Group by 299.4% during the 2nd quarter. Covestor Ltd now owns 691 shares of the company’s stock valued at $52,000 after acquiring an additional 518 shares during the last quarter. Bessemer Group Inc. grew its holdings in Formula One Group by 2,600.0% in the 4th quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock valued at $105,000 after buying an additional 1,690 shares during the last quarter. MetLife Investment Management LLC bought a new stake in shares of Formula One Group in the 1st quarter worth approximately $277,000. Brown Brothers Harriman & Co. lifted its position in shares of Formula One Group by 20.0% in the 1st quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock worth $292,000 after acquiring an additional 696 shares during the period. Finally, Allstate Investment Management Co. bought a new stake in shares of Formula One Group in the 4th quarter worth approximately $385,000. Institutional investors and hedge funds own 92.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FWONK. Morgan Stanley downgraded Formula One Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $80.00 to $70.00 in a report on Monday, December 18th. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.67.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.