Formula One Group (NASDAQ:FWONA) Sees Unusually-High Trading Volume

Formula One Group (NASDAQ:FWONA) shares saw unusually-high trading volume on Tuesday . Approximately 44,041 shares traded hands during trading, a decline of 54% from the previous session’s volume of 95,913 shares.The stock last traded at $64.14 and had previously closed at $63.26.

Analyst Upgrades and Downgrades

FWONA has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Formula One Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $73.00 to $83.00 in a research report on Thursday, May 30th. Benchmark reissued a “buy” rating and set a $77.00 target price on shares of Formula One Group in a research report on Wednesday, May 22nd.

Formula One Group Price Performance

The company’s 50-day simple moving average is $64.94 and its 200-day simple moving average is $61.82. The company has a market cap of $15.30 billion and a price-to-earnings ratio of 47.53.

Formula One Group (NASDAQ:FWONA) last issued 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 firm had revenue of $550.00 million during the quarter, compared to analyst estimates of $591.77 million. Equities analysts predict that Formula One Group will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling at Formula One Group

In other news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $34.06, for a total transaction of $1,802,148.66. Following the completion of 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 SEC, which is accessible through this link. In other news, Chairman John C. Malone sold 89,951 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was 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 directly owns 2,540,430 shares in the company, valued at approximately $179,176,527.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the 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 $170,266,178.42. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 2,519,555 shares of company stock valued at $65,635,332 and sold 282,072 shares valued at $17,749,275.

Hedge Funds Weigh In On Formula One Group

A hedge fund recently raised its stake in Formula One Group stock. Janney Montgomery Scott LLC increased its position in shares of Formula One Group (NASDAQ:FWONA) by 13.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,413 shares of the company’s stock after purchasing an additional 1,600 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $788,000 at the end of the most recent reporting period. Institutional investors own 8.38% of the company’s stock.

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.