Formula One Group (NASDAQ:FWONA) Short Interest Down 5.7% in June

Formula One Group (NASDAQ:FWONA) was the recipient of a significant decline in short interest in June. As of June 15th, there was short interest totalling 437,400 shares, a decline of 5.7% from the May 31st total of 463,700 shares. Currently, 2.0% of the company’s shares are sold short. Based on an average trading volume of 94,800 shares, the short-interest ratio is currently 4.6 days.

Analysts Set New Price Targets

A number of research firms have weighed in on FWONA. Deutsche Bank Aktiengesellschaft raised shares of Formula One Group from a “hold” rating to a “buy” rating and lifted their price objective for the company from $73.00 to $83.00 in a report on Thursday, May 30th. Benchmark restated a “buy” rating and issued a $77.00 price target on shares of Formula One Group in a research note on Wednesday, May 22nd.

Formula One Group Stock Up 0.7 %

Shares of Formula One Group stock traded up $0.48 during mid-day trading on Wednesday, hitting $65.11. The stock had a trading volume of 75,564 shares, compared to its average volume of 96,467. The firm has a 50-day moving average of $64.94 and a two-hundred day moving average of $61.82. Formula One Group has a 12-month low of $55.08 and a 12-month high of $70.21. The firm has a market cap of $15.30 billion and a P/E ratio of 47.53.

Formula One Group (NASDAQ:FWONA) last released its earnings results on Wednesday, May 8th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.11 by $0.21. The company had revenue of $550.00 million for the quarter, compared to analyst estimates of $591.77 million. Sell-side analysts expect that Formula One Group will post 1.47 earnings per share for the current year.

Insider Activity

In other Formula One Group news, Chairman John C. Malone sold 89,951 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $70.53, for a total transaction of $6,344,244.03. Following the transaction, the chairman now directly owns 2,540,430 shares in the company, valued at approximately $179,176,527.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Formula One Group news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $34.06, for a total value of $1,802,148.66. Following the completion of the sale, the insider now owns 4,999,007 shares of the company’s stock, valued at $170,266,178.42. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman John C. Malone sold 89,951 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $70.53, for a total value of $6,344,244.03. Following the sale, the chairman now directly owns 2,540,430 shares in the company, valued at $179,176,527.90. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 3,769,555 shares of company stock valued at $100,335,332 and sold 282,072 shares valued at $17,749,275.

Hedge Funds Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Janney Montgomery Scott LLC lifted its position in shares of Formula One Group (NASDAQ:FWONA) by 13.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,413 shares of the company’s stock after purchasing an additional 1,600 shares during the period. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $788,000 at the end of the most recent reporting period. 8.38% of the stock is currently owned by institutional investors.

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.