Formula One Group (NASDAQ:FWONK) Sets New 1-Year High at $80.10

Formula One Group (NASDAQ:FWONK) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $80.10 and last traded at $80.07, with a volume of 296740 shares changing hands. The stock had previously closed at $78.67.

Analyst Upgrades and Downgrades

Separately, Evercore ISI upped their price target on shares of Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $83.60.

Formula One Group Trading Down 0.5 %

The company has a market capitalization of $18.55 billion and a P/E ratio of 57.61. The business has a 50 day moving average price of $73.82 and a 200 day moving average price of $70.00.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $591.77 million. On average, analysts forecast that Formula One Group will post 1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Formula One Group news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the company’s stock in a transaction that occurred 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 owns 4,999,007 shares of the company’s stock, valued at approximately $170,266,178.42. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Chairman John C. Malone sold 139,065 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $68.98, for a total value of $9,592,703.70. Following the completion of the sale, the chairman now owns 2,401,365 shares of the company’s stock, valued at approximately $165,646,157.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the stock in a transaction that occurred 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 sale, 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 three months, insiders sold 282,072 shares of company stock valued at $17,749,275. 4.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently added to or reduced their stakes in the business. Beach Investment Counsel Inc. PA acquired a new stake in Formula One Group during the 2nd quarter valued at $48,000. Janney Montgomery Scott LLC bought a new position in Formula One Group during the 4th quarter worth $1,167,000. Finally, Russell Investments Group Ltd. increased its position in Formula One Group by 156.3% during the 4th quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after buying an additional 43,675 shares during the period. Institutional investors and hedge funds own 92.26% 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.