Formula One Group (NASDAQ:FWONK) Major Shareholder Buys $25,331,414.08 in Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc acquired 938,896 shares of the company’s stock in a transaction on Monday, April 8th. The stock was acquired at an average cost of $26.98 per share, for a total transaction of $25,331,414.08. Following the completion of the acquisition, the insider now owns 67,909,913 shares of the company’s stock, valued at approximately $1,832,209,452.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The stock was acquired at an average cost of $27.76 per share, for a total transaction of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc bought 189,759 shares of Formula One Group stock. The stock was purchased 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 bought 199,664 shares of Formula One Group stock. The stock was purchased 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 bought 333,916 shares of Formula One Group stock. The stock was purchased 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 bought 20,609 shares of Formula One Group stock. The stock was purchased at an average price 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 purchased 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 bought 1,188,000 shares of Formula One Group stock. The stock was 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 bought 234,194 shares of Formula One Group stock. The stock was 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 acquired 175,827 shares of Formula One Group stock. The shares were bought 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 acquired 495,739 shares of Formula One Group stock. The shares were bought at an average price of $30.12 per share, for a total transaction of $14,931,658.68.

Formula One Group Stock Performance

NASDAQ:FWONK opened at $68.15 on Wednesday. Formula One Group has a 52 week low of $60.95 and a 52 week high of $78.58. The stock’s fifty day moving average is $68.30 and its two-hundred day moving average is $66.11.

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

Institutional Investors Weigh In On Formula One Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FWONK. Ameriprise Financial Inc. raised its position in Formula One Group by 283.1% in the first quarter. Ameriprise Financial Inc. now owns 363,904 shares of the company’s stock valued at $27,231,000 after purchasing an additional 268,910 shares during the period. Neuberger Berman Group LLC raised its position in Formula One Group by 643.6% in the first quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock valued at $10,094,000 after purchasing an additional 124,798 shares during the period. Geode Capital Management LLC grew its stake in shares of Formula One Group by 2.5% in the first quarter. Geode Capital Management LLC now owns 3,043,509 shares of the company’s stock valued at $227,456,000 after buying an additional 73,369 shares in the last quarter. Russell Investments Group Ltd. grew 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 valued at $4,522,000 after buying an additional 43,675 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of Formula One Group by 16.1% in the third quarter. California State Teachers Retirement System now owns 283,417 shares of the company’s stock valued at $16,580,000 after buying an additional 39,355 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Analyst Ratings Changes

FWONK has been the topic of a number of analyst reports. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Morgan Stanley downgraded Formula One Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock 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 given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Formula One Group has a consensus rating of “Moderate Buy” and an average target price of $82.67.

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.