Formula One Group (NASDAQ:FWONK) Major Shareholder Purchases $5,754,316.48 in Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc bought 199,664 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was bought at an average cost of $28.82 per share, for a total transaction of $5,754,316.48. Following the transaction, the insider now directly owns 57,886,716 shares of the company’s stock, valued at $1,668,295,155.12. The purchase was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• 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.
• On Monday, March 11th, Berkshire Hathaway Inc bought 20,609 shares of Formula One Group stock. The stock was bought at an average cost of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc bought 521,804 shares of Formula One Group stock. The stock was bought at an average cost of $29.86 per share, for a total transaction of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc bought 1,188,000 shares of Formula One Group stock. The stock was bought at an average cost of $29.39 per share, for a total transaction of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc bought 234,194 shares of Formula One Group stock. The stock was bought at an average cost of $28.77 per share, for a total transaction of $6,737,761.38.
• On Thursday, February 1st, Berkshire Hathaway Inc purchased 175,827 shares of Formula One Group stock. The shares were acquired at an average cost of $30.70 per share, for a total transaction of $5,397,888.90.
• On Tuesday, January 30th, Berkshire Hathaway Inc purchased 495,739 shares of Formula One Group stock. The shares were acquired at an average cost of $30.12 per share, for a total transaction of $14,931,658.68.
• On Thursday, January 25th, Berkshire Hathaway Inc purchased 139,132 shares of Formula One Group stock. The shares were acquired at an average cost of $30.99 per share, for a total transaction of $4,311,700.68.
• On Tuesday, January 23rd, Berkshire Hathaway Inc purchased 650,224 shares of Formula One Group stock. The shares were acquired at an average cost of $30.96 per share, for a total transaction of $20,130,935.04.
• On Tuesday, January 16th, Berkshire Hathaway Inc purchased 543,977 shares of Formula One Group stock. The shares were acquired at an average cost of $30.43 per share, for a total transaction of $16,553,220.11.

Formula One Group Stock Performance

FWONK stock opened at $66.95 on Thursday. The company’s 50 day moving average price is $68.21 and its 200 day moving average price is $66.08. Formula One Group has a fifty-two week low of $60.95 and a fifty-two week high of $78.58.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.06). The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.25 billion. Equities analysts anticipate that Formula One Group will post 0.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on FWONK shares. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Morgan Stanley lowered shares of Formula One Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $80.00 to $70.00 in a research note on Monday, December 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $82.67.

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd increased its stake in Formula One Group by 299.4% in the second quarter. Covestor Ltd now owns 691 shares of the company’s stock valued at $52,000 after purchasing an additional 518 shares during the last quarter. Bessemer Group Inc. increased its stake 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 valued at $105,000 after purchasing an additional 1,690 shares during the last quarter. MetLife Investment Management LLC purchased a new position in Formula One Group in the first quarter valued at approximately $277,000. Brown Brothers Harriman & Co. increased its stake 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 valued at $292,000 after purchasing an additional 696 shares during the last quarter. Finally, Allstate Investment Management Co. purchased a new position in Formula One Group in the fourth quarter valued at approximately $385,000. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.