Formula One Group (NASDAQ:FWONK) Major Shareholder Berkshire Hathaway Inc Buys 1,250,000 Shares

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc acquired 1,250,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was acquired at an average price of $27.76 per share, for a total transaction of $34,700,000.00. Following the purchase, the insider now directly owns 66,736,288 shares of the company’s stock, valued at $1,852,599,354.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, April 8th, Berkshire Hathaway Inc acquired 938,896 shares of Formula One Group stock. The stock was acquired at an average price of $26.98 per share, for a total transaction of $25,331,414.08.
• On Wednesday, March 27th, Berkshire Hathaway Inc acquired 189,759 shares of Formula One Group stock. The stock was acquired at an average price of $29.25 per share, for a total transaction of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc acquired 199,664 shares of Formula One Group stock. The stock was acquired at an average price of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc acquired 333,916 shares of Formula One Group stock. The stock was acquired at an average price of $28.92 per share, for a total transaction of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc acquired 20,609 shares of Formula One Group stock. The stock was acquired at an average price of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc acquired 521,804 shares of Formula One Group stock. The stock was acquired at an average price of $29.86 per share, for a total transaction of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc purchased 1,188,000 shares of Formula One Group stock. The shares were purchased at an average price of $29.39 per share, for a total transaction of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc purchased 234,194 shares of Formula One Group stock. The shares were purchased at an average price 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 purchased at an average price 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 purchased at an average price of $30.12 per share, for a total transaction of $14,931,658.68.

Formula One Group Stock Down 0.3 %

FWONK opened at $68.31 on Tuesday. Formula One Group has a 52-week low of $60.95 and a 52-week high of $78.58. The firm’s fifty day simple moving average is $68.30 and its two-hundred day simple moving average is $66.07.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 earnings per share (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 analyst estimates of $1.25 billion. Equities research analysts expect that Formula One Group will post 0.94 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. StockNews.com lowered 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 dropped their price target for the company from $80.00 to $70.00 in a research report on Monday, December 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $82.67.

Hedge Funds Weigh In On Formula One Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC purchased a new position in shares of Formula One Group in the fourth quarter worth about $1,167,000. Russell Investments Group Ltd. lifted its stake in shares of Formula One Group by 156.3% in the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after buying an additional 43,675 shares in the last quarter. Norman Fields Gottscho Capital Management LLC lifted its stake in shares of 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 worth $6,813,000 after buying an additional 7,037 shares in the last quarter. Greenwood Gearhart Inc. lifted its stake in shares of Formula One Group by 6.1% in the third quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock worth $10,848,000 after buying an additional 9,992 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Formula One Group by 283.1% in the first quarter. Ameriprise Financial Inc. now owns 363,904 shares of the company’s stock worth $27,231,000 after buying an additional 268,910 shares in the last quarter. 92.26% 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.