Formula One Group (NASDAQ:FWONK) Major Shareholder Berkshire Hathaway Inc Sells 52,911 Shares

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc sold 52,911 shares of the company’s stock in a transaction that occurred on 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 owns 4,999,007 shares of the company’s stock, valued at approximately $170,266,178.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock 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 bought 311,637 shares of Formula One Group stock. The shares were acquired at an average price of $25.47 per share, with a total value of $7,937,394.39.
• On Friday, April 26th, Berkshire Hathaway Inc purchased 219,303 shares of Formula One Group stock. The stock was purchased 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 purchased 123,388 shares of Formula One Group stock. The stock was purchased 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 purchased 413,227 shares of Formula One Group stock. The stock was purchased 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 purchased 513,104 shares of Formula One Group stock. The stock was purchased 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 purchased 938,896 shares of Formula One Group stock. The stock was purchased 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 purchased 1,250,000 shares of Formula One Group stock. The stock was purchased 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 purchased 189,759 shares of Formula One Group stock. The stock was purchased 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 purchased 199,664 shares of Formula One Group stock. The stock was purchased 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 bought at an average cost of $28.92 per share, for a total transaction of $9,656,850.72.

Formula One Group Price Performance

Formula One Group stock opened at $72.67 on Wednesday. Formula One Group has a one year low of $60.95 and a one year high of $78.58. The stock has a market capitalization of $17.08 billion and a PE ratio of 53.04. The business’s fifty day moving average is $70.83 and its 200 day moving average is $67.86.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.32 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. As a group, sell-side analysts expect that Formula One Group will post 1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Several institutional investors have recently modified their holdings of FWONK. Janney Montgomery Scott LLC lifted its holdings in Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares during the period. Norman Fields Gottscho Capital Management LLC lifted 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 acquiring an additional 7,037 shares during the period. Greenwood Gearhart Inc. lifted 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 acquiring an additional 9,992 shares during the period. Finally, Russell Investments Group Ltd. lifted 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 acquiring an additional 43,675 shares during the period. 92.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FWONK has been the topic of a number of recent research reports. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Evercore ISI increased their target price on 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 issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $84.00.

About Formula One Group

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.