Formula One Group (NASDAQ:FWONK) Hits New 52-Week High at $80.10

Shares of Formula One Group (NASDAQ:FWONK) reached a new 52-week high during trading on Tuesday . The company traded as high as $80.10 and last traded at $80.07, with a volume of 296740 shares traded. The stock had previously closed at $78.67.

Analyst Upgrades and Downgrades

Separately, Evercore ISI boosted their target price on shares of Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $83.60.

Formula One Group Stock Performance

The company has a market cap of $18.91 billion and a PE ratio of 57.42. The firm’s 50 day moving average is $73.28 and its 200-day moving average is $69.75.

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

Insider Activity at Formula One Group

In other Formula One Group news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $34.06, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Formula One Group news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $34.06, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John C. Malone sold 89,951 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $70.53, for a total transaction of $6,344,244.03. Following the completion of the transaction, the chairman now owns 2,540,430 shares in the company, valued at $179,176,527.90. The disclosure for this sale can be found here. In the last quarter, insiders acquired 654,328 shares of company stock valued at $16,413,391 and sold 282,072 shares valued at $17,749,275. 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 bought and sold shares of FWONK. Janney Montgomery Scott LLC acquired a new position in shares of Formula One Group in the 4th quarter worth approximately $1,167,000. Russell Investments Group Ltd. lifted its holdings in shares of Formula One Group by 156.3% in the 4th 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, Beach Investment Counsel Inc. PA acquired a new position in shares of Formula One Group in the 2nd quarter worth approximately $48,000. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.