Insider Buying: Formula One Group (NASDAQ:FWONK) Major Shareholder Acquires 938,896 Shares of Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc bought 938,896 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were purchased at an average cost of $26.98 per share, with a total value of $25,331,414.08. Following the completion of the acquisition, the insider now owns 67,909,913 shares in the company, valued at $1,832,209,452.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 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 Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The stock was purchased at an average price of $27.76 per share, with a total value of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc bought 189,759 shares of Formula One Group stock. The shares were acquired at an average price of $29.25 per share, for a total transaction of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc purchased 199,664 shares of Formula One Group stock. The stock was acquired at an average price of $28.82 per share, with a total value of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc purchased 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 stock was acquired at an average price of $29.94 per share, with a total value of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc bought 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 purchased 1,188,000 shares of Formula One Group stock. The stock was bought at an average cost of $29.39 per share, with a total value of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc acquired 234,194 shares of Formula One Group stock. The shares were bought at an average cost 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 shares were bought at an average cost of $30.70 per share, with a total value of $5,397,888.90.
• On Tuesday, January 30th, Berkshire Hathaway Inc purchased 495,739 shares of Formula One Group stock. The stock was bought at an average cost of $30.12 per share, for a total transaction of $14,931,658.68.

Formula One Group Stock Down 1.8 %

NASDAQ:FWONK opened at $66.93 on Thursday. Formula One Group has a one year low of $60.95 and a one year high of $78.58. The stock has a 50 day moving average price of $68.30 and a 200 day moving average price of $66.11.

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 analysts’ consensus estimates of $0.31 by ($0.06). The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.25 billion. As a group, equities analysts forecast that Formula One Group will post 0.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. boosted its holdings 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 purchasing an additional 268,910 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in Formula One Group by 643.6% in the first quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock valued at $10,094,000 after acquiring an additional 124,798 shares during the last quarter. Geode Capital Management LLC grew its position in Formula One Group by 2.5% in the first quarter. Geode Capital Management LLC now owns 3,043,509 shares of the company’s stock worth $227,456,000 after acquiring an additional 73,369 shares during the period. Russell Investments Group Ltd. increased its stake 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, California State Teachers Retirement System raised its position in Formula One Group by 16.1% in the third quarter. California State Teachers Retirement System now owns 283,417 shares of the company’s stock valued at $16,580,000 after purchasing an additional 39,355 shares during the period. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FWONK shares. Morgan Stanley downgraded Formula One Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $80.00 to $70.00 in a research report on Monday, December 18th. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus 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.