Formula One Group (NASDAQ:FWONK) Receives $82.67 Consensus Target Price from Analysts

Formula One Group (NASDAQ:FWONK) has been given an average rating of “Moderate Buy” by the four analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $82.67.

Separately, StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc acquired 139,132 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was acquired at an average cost of $30.99 per share, for a total transaction of $4,311,700.68. Following the transaction, the insider now directly owns 47,471,419 shares in the company, valued at $1,471,139,274.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased a total of 7,264,095 shares of company stock worth $207,506,924 in the last three months. 4.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new position in Formula One Group in the 4th quarter valued at approximately $1,167,000. Russell Investments Group Ltd. increased its position in Formula One Group by 156.3% in the 4th quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock valued at $4,522,000 after acquiring an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC increased its position in Formula One Group by 7.0% in the 4th quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock valued at $6,813,000 after acquiring an additional 7,037 shares during the period. Greenwood Gearhart Inc. increased its position in Formula One Group by 6.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock valued at $10,848,000 after acquiring an additional 9,992 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Formula One Group by 283.1% in the 1st quarter. Ameriprise Financial Inc. now owns 363,904 shares of the company’s stock valued at $27,231,000 after acquiring an additional 268,910 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Formula One Group Price Performance

NASDAQ FWONK opened at $67.21 on Friday. Formula One Group has a 12-month low of $60.95 and a 12-month high of $78.58. The firm has a 50-day moving average price of $68.44 and a two-hundred day moving average price of $66.31.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.25 billion. On average, research analysts predict that Formula One Group will post 0.96 EPS 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.