Formula One Group (NASDAQ:FWONA) Sees Strong Trading Volume

Formula One Group (NASDAQ:FWONA) saw an uptick in trading volume on Tuesday . 44,041 shares were traded during trading, a decline of 54% from the previous session’s volume of 95,913 shares.The stock last traded at $64.14 and had previously closed at $63.26.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FWONA. Benchmark reiterated a “buy” rating and set a $77.00 target price on shares of Formula One Group in a research note on Wednesday, May 22nd. Deutsche Bank Aktiengesellschaft upgraded shares of Formula One Group from a “hold” rating to a “buy” rating and boosted their target price for the company from $73.00 to $83.00 in a research note on Thursday, May 30th.

Formula One Group Stock Performance

The business’s 50-day moving average price is $64.83 and its 200-day moving average price is $61.76. The stock has a market cap of $15.15 billion and a P/E ratio of 46.18.

Formula One Group (NASDAQ:FWONA) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.21. The business had revenue of $550.00 million for the quarter, compared to the consensus estimate of $591.77 million. As a group, equities research analysts expect that Formula One Group will post 1.47 earnings per share for the current year.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $34.06, for a total value of $1,802,148.66. Following the completion of the transaction, the insider now owns 4,999,007 shares of the company’s stock, valued at approximately $170,266,178.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman John C. Malone sold 139,065 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $68.98, for a total value of $9,592,703.70. Following the completion of the transaction, the chairman now owns 2,401,365 shares of the company’s stock, valued at approximately $165,646,157.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $34.06, for a total transaction of $1,802,148.66. Following the completion of the transaction, the insider now directly owns 4,999,007 shares of the company’s stock, valued at approximately $170,266,178.42. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,769,555 shares of company stock valued at $100,335,332 and sold 282,072 shares valued at $17,749,275.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Formula One Group stock. Kornitzer Capital Management Inc. KS raised its stake in shares of Formula One Group (NASDAQ:FWONA) by 38.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,829 shares of the company’s stock after purchasing an additional 8,500 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Formula One Group were worth $1,787,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 8.38% of the company’s stock.

About Formula One Group

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.