Formula One Group (NASDAQ:FWONA) Receives Buy Rating from Benchmark

Benchmark reaffirmed their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a research report released on Wednesday morning, Benzinga reports. They currently have a $77.00 target price on the stock.

Separately, Deutsche Bank Aktiengesellschaft reissued a hold rating and issued a $73.00 target price on shares of Formula One Group in a research report on Tuesday, April 2nd.

Formula One Group Stock Up 1.1 %

Shares of NASDAQ:FWONA opened at $65.69 on Wednesday. The company has a market capitalization of $15.44 billion and a P/E ratio of 47.95. Formula One Group has a 52-week low of $55.08 and a 52-week high of $69.48. The stock’s fifty day simple moving average is $61.69 and its 200-day simple moving average is $60.27.

Formula One Group (NASDAQ:FWONA) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.39). The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. On average, sell-side analysts anticipate that Formula One Group will post 1.47 earnings per share for the current year.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc purchased 1,250,000 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were purchased at an average price of $27.76 per share, with a total value of $34,700,000.00. Following the purchase, the insider now directly owns 66,736,288 shares of the company’s stock, valued at approximately $1,852,599,354.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman John C. Malone sold 139,065 shares of Formula One Group stock in a transaction on 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 sale, the chairman now owns 2,401,365 shares in the company, valued at $165,646,157.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc purchased 1,250,000 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was bought at an average cost of $27.76 per share, for a total transaction of $34,700,000.00. Following the completion of the acquisition, the insider now directly owns 66,736,288 shares of the company’s stock, valued at $1,852,599,354.88. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 6,457,501 shares of company stock worth $179,148,132 and have sold 229,103 shares worth $15,940,449. Insiders own 4.83% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

A hedge fund recently raised its stake in Formula One Group stock. Janney Montgomery Scott LLC lifted its stake in shares of Formula One Group (NASDAQ:FWONA) by 3.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,789 shares of the company’s stock after purchasing an additional 481 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $723,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 8.38% of the company’s stock.

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.