Formula One Group (NASDAQ:FWONK – Get Free Report) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $64.16 and traded as high as $66.37. Formula One Group shares last traded at $66.02, with a volume of 1,337,416 shares traded.
Analyst Upgrades and Downgrades
Separately, Morgan Stanley downgraded Formula One Group from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $80.00 to $70.00 in a research report on Monday, December 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Formula One Group presently has a consensus rating of “Moderate Buy” and an average target price of $82.67.
Formula One Group Stock Performance
Insider Transactions at Formula One Group
In other news, major shareholder Berkshire Hathaway Inc bought 175,827 shares of the stock in a transaction dated Thursday, February 1st. The shares were acquired at an average cost of $30.70 per share, with a total value of $5,397,888.90. Following the purchase, the insider now directly owns 48,499,472 shares in the company, valued at approximately $1,488,933,790.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, major shareholder Berkshire Hathaway Inc purchased 175,827 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average cost of $30.70 per share, with a total value of $5,397,888.90. Following the purchase, the insider now owns 48,499,472 shares of the company’s stock, valued at approximately $1,488,933,790.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry E. Romrell sold 21,478 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $27.97, for a total transaction of $600,739.66. Following the completion of the transaction, the director now directly owns 16,355 shares in the company, valued at $457,449.35. The disclosure for this sale can be found here. Insiders have bought a total of 2,474,462 shares of company stock valued at $75,600,119 in the last ninety days. 4.31% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd lifted its stake in Formula One Group by 299.4% in the 2nd quarter. Covestor Ltd now owns 691 shares of the company’s stock valued at $52,000 after buying an additional 518 shares in the last quarter. Bessemer Group Inc. lifted its stake in Formula One Group by 2,600.0% in the 4th quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock worth $105,000 after purchasing an additional 1,690 shares in the last quarter. MetLife Investment Management LLC purchased a new position in Formula One Group in the 1st quarter worth approximately $277,000. Brown Brothers Harriman & Co. lifted its stake in Formula One Group by 20.0% in the 1st quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock worth $292,000 after purchasing an additional 696 shares in the last quarter. Finally, Allstate Investment Management Co. purchased a new position in Formula One Group in the 4th quarter worth approximately $385,000. 0.18% of the stock is owned by hedge funds and other institutional investors.
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.
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