Insider Selling: Formula One Group (NASDAQ:FWONK) Major Shareholder Sells $1,802,148.66 in Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc sold 52,911 shares of Formula One Group 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 sale, the insider now owns 4,999,007 shares in the company, valued at $170,266,178.42. The sale was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Monday, April 29th, Berkshire Hathaway Inc purchased 311,637 shares of Formula One Group stock. The shares were bought at an average price of $25.47 per share, for a total transaction of $7,937,394.39.
• On Friday, April 26th, Berkshire Hathaway Inc acquired 219,303 shares of Formula One Group stock. The shares were acquired at an average cost of $24.46 per share, for a total transaction of $5,364,151.38.
• On Wednesday, April 24th, Berkshire Hathaway Inc acquired 123,388 shares of Formula One Group stock. The shares were acquired at an average cost of $25.22 per share, for a total transaction of $3,111,845.36.
• On Friday, April 12th, Berkshire Hathaway Inc acquired 413,227 shares of Formula One Group stock. The shares were acquired at an average cost of $25.58 per share, for a total transaction of $10,570,346.66.
• On Wednesday, April 10th, Berkshire Hathaway Inc acquired 513,104 shares of Formula One Group stock. The shares were acquired at an average cost of $25.96 per share, for a total transaction of $13,320,179.84.
• On Monday, April 8th, Berkshire Hathaway Inc acquired 938,896 shares of Formula One Group stock. The shares were acquired at an average cost of $26.98 per share, for a total transaction of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The shares were acquired at an average cost of $27.76 per share, for a total transaction of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc acquired 189,759 shares of Formula One Group stock. The shares were acquired at an average cost of $29.25 per share, for a total transaction of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc acquired 199,664 shares of Formula One Group stock. The shares were acquired at an average cost of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc bought 333,916 shares of Formula One Group stock. The stock was purchased at an average cost of $28.92 per share, for a total transaction of $9,656,850.72.

Formula One Group Stock Performance

FWONK stock opened at $72.67 on Thursday. The company has a market cap of $17.08 billion and a P/E ratio of 53.04. Formula One Group has a 52 week low of $60.95 and a 52 week high of $78.58. The company’s 50-day moving average price is $70.94 and its 200 day moving average price is $67.90.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.21. The company had revenue of $550.00 million for the quarter, compared to analysts’ expectations of $591.77 million. On average, equities research analysts expect that Formula One Group will post 1.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. Evercore ISI lifted their target price on shares of Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $84.00.

Institutional Trading of Formula One Group

Institutional investors have recently added to or reduced their stakes in the stock. Greenwood Gearhart Inc. raised its position in Formula One Group by 6.1% during the third quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock worth $10,848,000 after acquiring an additional 9,992 shares during the last quarter. Norman Fields Gottscho Capital Management LLC raised its position in Formula One Group by 7.0% during the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock worth $6,813,000 after acquiring an additional 7,037 shares during the last quarter. Russell Investments Group Ltd. raised its position in Formula One Group by 156.3% during the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after acquiring an additional 43,675 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after acquiring an additional 2,514 shares during the last quarter. Hedge funds and other institutional investors 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.