Formula One Group (NASDAQ:FWONK) Major Shareholder Berkshire Hathaway Inc Buys 189,759 Shares of Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc bought 189,759 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was bought at an average price of $29.25 per share, for a total transaction of $5,550,450.75. Following the completion of the purchase, the insider now directly owns 32,755,466 shares in the company, valued at $958,097,380.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, March 25th, Berkshire Hathaway Inc acquired 199,664 shares of Formula One Group stock. The shares were acquired at an average price of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc acquired 333,916 shares of Formula One Group stock. The shares were acquired at an average price of $28.92 per share, for a total transaction of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc acquired 20,609 shares of Formula One Group stock. The shares were acquired at an average price of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc acquired 521,804 shares of Formula One Group stock. The shares were acquired at an average price of $29.86 per share, for a total transaction of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc acquired 1,188,000 shares of Formula One Group stock. The shares were acquired at an average price of $29.39 per share, for a total transaction of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc acquired 234,194 shares of Formula One Group stock. The shares were acquired at an average price of $28.77 per share, for a total transaction of $6,737,761.38.
• On Thursday, February 1st, Berkshire Hathaway Inc bought 175,827 shares of Formula One Group stock. The stock was purchased at an average price of $30.70 per share, with a total value of $5,397,888.90.
• On Tuesday, January 30th, Berkshire Hathaway Inc bought 495,739 shares of Formula One Group stock. The stock was purchased at an average price of $30.12 per share, with a total value of $14,931,658.68.
• On Thursday, January 25th, Berkshire Hathaway Inc bought 139,132 shares of Formula One Group stock. The stock was purchased at an average price of $30.99 per share, with a total value of $4,311,700.68.
• On Tuesday, January 23rd, Berkshire Hathaway Inc bought 650,224 shares of Formula One Group stock. The stock was purchased at an average price of $30.96 per share, with a total value of $20,130,935.04.

Formula One Group Stock Down 2.0 %

NASDAQ FWONK opened at $65.60 on Friday. The company has a fifty day simple moving average of $68.26 and a two-hundred day simple moving average of $66.07. Formula One Group has a 12-month low of $60.95 and a 12-month high of $78.58.

Formula One Group (NASDAQ:FWONK) last issued its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.06). The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.25 billion. On average, research analysts expect that Formula One Group will post 0.94 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. increased its holdings in Formula One Group by 2,600.0% in the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock valued at $105,000 after buying an additional 1,690 shares in the last quarter. MetLife Investment Management LLC purchased a new position in Formula One Group in the first quarter valued at $277,000. Brown Brothers Harriman & Co. increased its holdings in Formula One Group by 20.0% in the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after buying an additional 696 shares in the last quarter. Allstate Investment Management Co. purchased a new position in Formula One Group in the fourth quarter valued at $385,000. Finally, Janney Montgomery Scott LLC purchased a new position in Formula One Group in the fourth quarter valued at $1,167,000. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FWONK. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. Morgan Stanley cut shares of Formula One Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $80.00 to $70.00 in a report on Monday, December 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $82.67.

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.