Formula One Group (NASDAQ:FWONK) Receives $82.67 Consensus Target Price from Brokerages

Shares of Formula One Group (NASDAQ:FWONK) have received a consensus rating of “Moderate Buy” from the four analysts that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $82.67.

Separately, StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th.

Formula One Group Trading Down 0.4 %

Shares of FWONK stock opened at $67.66 on Friday. The stock has a 50 day simple moving average of $68.38 and a 200 day simple moving average of $66.26. Formula One Group has a 1 year low of $60.95 and a 1 year high of $78.58.

Formula One Group (NASDAQ:FWONK) last issued its quarterly 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 during the quarter, compared to analyst estimates of $1.25 billion. On average, equities research analysts expect that Formula One Group will post 0.94 earnings per share for the current year.

Insider Transactions at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc purchased 650,224 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was bought at an average cost of $30.96 per share, for a total transaction of $20,130,935.04. Following the completion of the acquisition, the insider now owns 47,118,902 shares of the company’s stock, valued at $1,458,801,205.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders purchased 7,264,095 shares of company stock worth $207,506,924.

Institutional Trading of Formula One Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC acquired a new stake in Formula One Group in the fourth quarter valued at $1,167,000. Russell Investments Group Ltd. increased its holdings in Formula One Group by 156.3% in the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock valued at $4,522,000 after purchasing an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC increased its holdings in Formula One Group by 7.0% in the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock valued at $6,813,000 after purchasing an additional 7,037 shares during the period. Greenwood Gearhart Inc. increased its holdings in Formula One Group by 6.1% in the third quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock valued at $10,848,000 after purchasing an additional 9,992 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Formula One Group by 283.1% in the first 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 period. 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.