Analysts Set Formula One Group (NASDAQ:FWONK) Price Target at $82.67

Shares of Formula One Group (NASDAQ:FWONKGet Free Report) have earned a consensus rating of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $82.67.

A number of equities research analysts recently weighed in on FWONK shares. Morgan Stanley cut shares of Formula One Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $80.00 to $70.00 in a research note on Monday, December 18th. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th.

View Our Latest Research Report on Formula One Group

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 543,977 shares of the business’s stock in a transaction on Tuesday, January 16th. The shares were purchased at an average price of $30.43 per share, for a total transaction of $16,553,220.11. Following the acquisition, the insider now owns 22,311,974 shares in the company, valued at $678,953,368.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have acquired 4,439,069 shares of company stock worth $133,451,301.

Institutional Trading of Formula One Group

Several institutional investors and hedge funds have recently bought and sold shares of FWONK. Covestor Ltd grew its stake in Formula One Group by 299.4% during the 2nd quarter. Covestor Ltd now owns 691 shares of the company’s stock valued at $52,000 after acquiring an additional 518 shares in the last quarter. Brown Brothers Harriman & Co. increased its holdings in Formula One Group by 20.0% in the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock worth $292,000 after buying an additional 696 shares during the last quarter. Bessemer Group Inc. increased its holdings in Formula One Group by 2,600.0% in the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock worth $105,000 after buying an additional 1,690 shares during the last quarter. Greenwood Gearhart Inc. increased its holdings in Formula One Group by 2.2% in the fourth quarter. Greenwood Gearhart Inc. now owns 155,687 shares of the company’s stock worth $9,307,000 after buying an additional 3,340 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new position in Formula One Group in the first quarter worth approximately $277,000. Institutional investors and hedge funds own 0.18% of the company’s stock.

Formula One Group Stock Performance

Shares of NASDAQ FWONK opened at $68.02 on Monday. Formula One Group has a fifty-two week low of $60.95 and a fifty-two week high of $78.58. The firm’s 50-day simple moving average is $67.79 and its 200 day simple moving average is $66.07.

About Formula One Group

(Get Free Report

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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Analyst Recommendations for Formula One Group (NASDAQ:FWONK)

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