Formula One Group (NASDAQ:FWONA) Sees Large Growth in Short Interest

Formula One Group (NASDAQ:FWONA) saw a significant growth in short interest in June. As of June 30th, there was short interest totalling 463,800 shares, a growth of 6.0% from the June 15th total of 437,400 shares. Based on an average daily trading volume, of 96,200 shares, the short-interest ratio is currently 4.8 days. Currently, 2.1% of the shares of the stock are sold short.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, 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 value of $1,802,148.66. Following the transaction, the insider now owns 4,999,007 shares of the company’s stock, valued at $170,266,178.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Formula One Group news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of Formula One Group stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $34.06, for a total transaction of $1,802,148.66. Following the transaction, the insider now directly owns 4,999,007 shares in the company, valued at approximately $170,266,178.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman John C. Malone sold 139,065 shares of Formula One Group stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $68.98, for a total transaction of $9,592,703.70. Following the transaction, the chairman now owns 2,401,365 shares in the company, valued at $165,646,157.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 654,328 shares of company stock valued at $16,413,391 and have sold 282,072 shares valued at $17,749,275. 4.83% of the stock is owned by corporate insiders.

Institutional Trading of Formula One Group

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FWONA shares. Benchmark restated a “buy” rating and set a $77.00 price target on shares of Formula One Group in a report on Wednesday, May 22nd. Deutsche Bank Aktiengesellschaft upgraded shares of Formula One Group from a “hold” rating to a “buy” rating and boosted their price target for the company from $73.00 to $83.00 in a report on Thursday, May 30th.

Formula One Group Price Performance

Formula One Group stock opened at $71.83 on Wednesday. The firm has a fifty day moving average price of $65.76 and a two-hundred day moving average price of $62.39. The firm has a market cap of $16.88 billion and a price-to-earnings ratio of 52.43. Formula One Group has a fifty-two week low of $55.08 and a fifty-two week high of $71.88.

Formula One Group (NASDAQ:FWONA) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates 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. As a group, sell-side analysts expect that Formula One Group will post 1.47 earnings per share for the current year.

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.