Formula One Group (NASDAQ:FWONA) Hits New 52-Week High at $72.86

Shares of Formula One Group (NASDAQ:FWONA) hit a new 52-week high during trading on Tuesday . The stock traded as high as $72.86 and last traded at $72.76, with a volume of 5187 shares traded. The stock had previously closed at $72.13.

Analyst Ratings Changes

FWONA has been the topic of several research analyst reports. Benchmark reaffirmed a “buy” rating and set a $77.00 price target on shares of Formula One Group in a research report on Wednesday, May 22nd. Deutsche Bank Aktiengesellschaft raised shares of Formula One Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $73.00 to $83.00 in a research report on Thursday, May 30th.

Formula One Group Price Performance

The stock’s fifty day simple moving average is $66.83 and its 200-day simple moving average is $62.99. The stock has a market cap of $16.97 billion and a P/E ratio of 53.18.

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

Insiders Place Their Bets

In other Formula One Group news, major shareholder Berkshire Hathaway Inc bought 219,303 shares of the business’s stock in a transaction on Friday, April 26th. The shares were purchased at an average price of $24.46 per share, with a total value of $5,364,151.38. Following the completion of the acquisition, the insider now directly owns 35,182,219 shares of the company’s stock, valued at approximately $860,557,076.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc purchased 219,303 shares of the company’s stock in a transaction on Friday, April 26th. The shares were bought at an average price of $24.46 per share, for a total transaction of $5,364,151.38. Following the completion of the purchase, the insider now owns 35,182,219 shares of the company’s stock, valued at $860,557,076.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman John C. Malone sold 139,065 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $68.98, for a total transaction of $9,592,703.70. Following the completion of the sale, the chairman now owns 2,401,365 shares in the company, valued at approximately $165,646,157.70. The disclosure for this sale can be found here. Insiders have sold 282,072 shares of company stock valued at $17,749,275 over the last quarter. Insiders own 4.83% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group (NASDAQ:FWONA) by 13.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 reporting period. Institutional investors own 8.38% of the company’s stock.

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.