Formula One Group (NASDAQ:FWONA) Shares Down 5.5%

Formula One Group (NASDAQ:FWONA) dropped 5.5% during mid-day trading on Thursday . The company traded as low as $66.54 and last traded at $66.76. Approximately 15,422 shares changed hands during trading, a decline of 84% from the average daily volume of 97,655 shares. The stock had previously closed at $70.66.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FWONA. Deutsche Bank Aktiengesellschaft raised shares of Formula One Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $73.00 to $83.00 in a research report on Thursday, May 30th. Benchmark boosted their price objective on Formula One Group from $77.00 to $81.00 and gave the company a “buy” rating in a report on Friday.

Formula One Group Trading Down 0.0 %

The firm has a market cap of $15.83 billion and a P/E ratio of 49.18. The business’s 50-day moving average is $68.03 and its two-hundred day moving average is $64.14.

Formula One Group (NASDAQ:FWONA) last posted its earnings results on Wednesday, May 8th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.11 by $0.21. The company had revenue of $550.00 million for the quarter, compared to the consensus estimate of $591.77 million. On average, analysts anticipate that Formula One Group will post 1.47 earnings per share for the current year.

Insiders Place Their Bets

In other Formula One Group news, Chairman John C. Malone sold 139,065 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $165,646,157.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Chairman John C. Malone sold 139,065 shares of Formula One Group stock in a transaction dated 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 sale, the chairman now directly owns 2,401,365 shares in the company, valued at $165,646,157.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders have sold 192,121 shares of company stock valued at $11,405,031 over the last three months. Company insiders own 4.83% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Janney Montgomery Scott LLC raised its holdings in shares of Formula One Group (NASDAQ:FWONA) by 13.5% in 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 buying an additional 1,600 shares during the period. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $788,000 as of its most recent SEC filing. 8.38% of the stock is 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.