Formula One Group (NASDAQ:FWONK) Sees Large Volume Increase

Formula One Group (NASDAQ:FWONK) shares saw unusually-strong trading volume on Wednesday . Approximately 699,802 shares traded hands during trading, a decline of 41% from the previous session’s volume of 1,186,252 shares.The stock last traded at $78.07 and had previously closed at $79.83.

Analyst Ratings Changes

Several research firms recently issued reports on FWONK. Evercore ISI boosted their price target on Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, June 4th. Morgan Stanley reduced their target price on shares of Formula One Group from $83.00 to $80.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $84.00.

Formula One Group Trading Down 2.1 %

The stock has a market cap of $18.37 billion and a P/E ratio of 56.93. The stock has a 50 day simple moving average of $75.66 and a 200 day simple moving average of $71.67.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the business’s stock in a transaction 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 Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently added to or reduced their stakes in the stock. Beach Investment Counsel Inc. PA acquired a new position in Formula One Group in the 2nd quarter worth about $48,000. Janney Montgomery Scott LLC bought a new stake in shares of Formula One Group during the fourth quarter worth about $1,167,000. Russell Investments Group Ltd. increased its stake in shares of Formula One Group by 156.3% in the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock valued at $4,522,000 after buying an additional 43,675 shares during the period. Finally, Hahn Capital Management LLC raised its holdings in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.