Formula One Group (NASDAQ:FWONK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Formula One Group (NASDAQ:FWONK) has earned a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and four have issued a buy rating on 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.

Several research firms have recently commented on FWONK. Morgan Stanley lowered 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 note on Monday, December 18th. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th.

Formula One Group Price Performance

Shares of FWONK opened at $68.73 on Friday. The business’s 50 day moving average price is $68.32 and its 200-day moving average price is $66.13. Formula One Group has a 52 week low of $60.95 and a 52 week high of $78.58.

Formula One Group (NASDAQ:FWONK) last released 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 company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.25 billion. On average, analysts forecast that Formula One Group will post 0.94 EPS for the current year.

Insider Activity

In other Formula One Group news, major shareholder Berkshire Hathaway Inc acquired 650,224 shares of Formula One Group stock in a transaction that occurred on Tuesday, January 23rd. The stock was bought at an average price of $30.96 per share, with a total value of $20,130,935.04. Following the completion of the purchase, the insider now directly owns 47,118,902 shares of the company’s stock, valued at approximately $1,458,801,205.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders purchased 6,881,741 shares of company stock valued at $200,169,618. Corporate insiders own 4.31% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. grew 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 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 worth $277,000. Brown Brothers Harriman & Co. grew 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 purchasing an additional 696 shares during the last quarter. Allstate Investment Management Co. purchased a new position in Formula One Group in the fourth quarter worth $385,000. Finally, Janney Montgomery Scott LLC purchased a new position in Formula One Group in the fourth quarter worth $1,167,000. 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.